Jaypee Infratech insolvency: NBCC gets govt approvals for revised offer

The government Wednesday cleared NBCC's revised offer to acquire Jaypee Infratech under the insolvency process, days after a panel of lenders rejected the bid of the state-owned company for want of requisite approvals.

NBCC in a filing to BSE said that various government departments have conveyed their approval to the revised offer for taking over Jaypee Infratech.

It remains to be seen if Jaypee Infratech's interim resolution professional Anuj Jain will allow NBCC to participate in bidding process now as voting began on Suraksha Realty's resolution plan on April 30.

The Housing and Urban Affairs ministry has "communicated its approval with concurrence/consultation with Department of Expenditure, NITI Aayog and DIPAM for takeover of Jaypee Infratech Ltd by NBCC", the filing said.

Sources had earlier told PTI that the state-run construction major has received approvals from the Department of Expenditure and the Department of Investment and Public Asset Management (DIPAM) for its ...