Suraksha Asset Reconstruction Co. has emerged as the leading bidder for bankrupt construction firm Jaypee Infratech Ltd. in the ongoing fourth round of bidding. In the previous round, NBCC (India) Ltd. had been declared as the winning bidder but the process was restarted following directions from the Supreme Court.
At a meeting on May 15, the resolution professional for Jaypee Infratech informed the committee of creditors that Suraksha ARC’s plan scored higher than NBCC’s on qualitative and quantitative parameters set out in the evaluation matrix, according to the minutes of the meeting. BloombergQuint has reviewed a copy of the minutes.
“… the overall score for Suraksha plan based on the scoring system in Evaluation Matrix was [53.605] out of 100 marks as compared to score for NBCC Plan a [18.977] out of 100,” the minutes said.
The score represents an initial assessment of competing bids based on preset parameters. Bidders can make changes to their plan after negotiations with the lenders. The plans will be put to vote later this month.
Business Standard newspaper first reported on Wednesday that the financial creditors to Jaypee Infratech have identified Suraksha ARC as the highest bidder.
“I have no comments to offer at this stage except that we are holding our 21st committee of creditors meeting on 20.5.2021 at 2pm. All decisions will be taken by CoC,” Jain said, responding to queries sent on Wednesday.