NBCC, Kotak Investment among 4 shortlisted bidders for Jaypee Infra

NBCC, Kotak Investment among 4 shortlisted bidders for Jaypee Infra

NBCC, Kotak Investment among 4 shortlisted bidders for Jaypee Infra

State-owned NBCC, Kotak Investment, Singapore-based Cube Highways and Suraksha group have been shortlisted as bidders for debt-laden Jaypee Infratech, according to a regulatory filing. Jaypee InfratechNSE -4.30 % is undergoing insolvency proceedings in the NCLT. 

L&T Infrastructure, which was among the five companies that had submitted expression of interest (EOI), was however excluded from the final list, as per the regulatory filing by Jaypee Infratech. 

Last year, the NCLT had admitted the application by an IDBI Bank-led consortium, seeking resolution for Jaypee Infratech under the IBC. The tribunal had appointed Jain as IRP to manage the company’s business, who later invited bids from investors interested in acquiring Jaypee Infratech and completing the stuck real estate projects in Noida and Greater Noida. 

Consequently, Lakshdeep had emerged as a frontrunner to acquire JIL. However, in May this year, lenders of Jaypee Infratech rejected the Rs 7,350 crore bid by Lakshdeep as they found it inadequate. 

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