The race for acquiring beleaguered Jaypee Infratech, which is yet to deliver 25,000 flats and villas in and around Noida, has narrowed to four players — Adani Group, Sajjan Jindal’s JSW, Suraksha Asset Reconstruction Company and a consortium comprising Kotak Realty Fund and Cube Highways.
The committee of creditors asked the four players to submit revised offers, sources told TOI. “We want the bids to be better than what is currently on the table,” said a banker, who did not wish to be identified.
The fresh offers are expected over the next few days and will then be evaluated by the panel before a final decision is taken.
Once the creditors identify a resolution applicant, the National Company Law Tribunal, the insolvency court, will be approached. Jaypee Infratech also manages the Taj Expressway and Jaypee Hospital.
The field had narrowed to 10 players, including Chinese realtor Jieyang Zhonguci and Deutsche Bank, but the lenders have opted to seek bids from four players now.
There were three bidders for acquiring the hotels, too, but the lenders have preferred to opt for players who are looking to take over the entire company instead of opting for split sale of assets.