INSUBCONTINENT EXCLUSIVE:
seeking extension of the 270-day deadline for the resolution of the company, sources said.The deadline ends on May 6 and the Committee of
Creditors (CoC) is likely to meet on April 30 to put to vote the Mumbai-based Suraksha Realty's bid, the only approved bid.Sources said
there has been no decision on the extension by the NCLT so far.Among the fresh bids of National Buildings Construction Corp (NBCC) and
Suraksha Realty, NBCC's bid was rejected last Friday as the CoC found the offer to be conditional and subject to approvals from several
government departments.Sources said that NBCC has approached the insolvency resolution professional (IRP) saying it is interested in taking
over JIL and its bid should be considered on merit.Meanwhile, Adani Group also showed interest to enter the ring and sent an expression of
interest to the CoC but eventually did not submit its resolution.Jaypee promoters also persuaded the home buyers last week to support the
company in withdrawing the case from the insolvency process under Section 12 A of the Insolvency and Bankruptcy Code (IBC) promising
completion of over 20,000 homes in four years time, which a section of the home buyers immediately rejected.Get the latest election news,
live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections
Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general
