Jaypee Infratech resolution: Lenders defer voting on Suraksha Group’s offer to acquire bankrupt firm

The insolvency resolution process of Jaypee Infratech (JIL) may get delayed once again. On Monday, the company’s committee of creditors (CoC) deferred the voting process on Mumbai-based Suraksha Group’s offer to acquire the bankrupt firm. The CoC decided to put on vote on May 27-28 whether Suraksha Group and the other bidder in the fray, state-owned NBCC, should be given a week’s time to submit their revised bids, according to filings made with the stock exchanges on Monday. However, no reason for deferral of the voting process was given.

If the proposal to give a week’s time to both the parties to submit their revised bids does not get the CoC’s approval then, in all probability, Suraksha’s plan will be put to vote, sources said.