Chennai: 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 Infratech 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.
Sources had earlier said L&T would not be considered for the bidding process as the infrastructure major was only interested in acquiring the 165-km long Yamuna Expressway that connects Delhi-Noida to Agra.
Jaypee Infratech’s interim resolution professional (IRP) Anuj Jain said in the filing that the final list of companies for participating in the Corporate Insolvency Resolution Process of Jaypee Infratech Ltd has been prepared as per the Insolvency and Bankruptcy Code (IBC) regulations.
Jain had in October started a fresh initiative to revive Jaypee Infratech on the National Company Law Tribunal’s (NCLT) direction after lenders rejected an over Rs 7,000 crore bid of Suraksha group. He had invited EoIs from companies to submit resolution plan to revive Jaypee Infratech Ltd (JIL), which has many stuck housing projects in Noida and Greater Noida.