On Thursday, 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.
The resolution professional managing the company since August will move the National Company Law Tribunal, the insolvency court, once the creditors identify a resolution applicant.
Apart from the real estate projects, the company facing insolvency proceedings also manages the Taj Expressway and Jaypee Hospital.
The case is being closely watched by home buyers, who were initially jittery about the fate of their lifetime savings but are drawing comfort from the massive interest in the high-profile project which initially saw over 20 bids, including from a group of buyers, who wanted to build their own tower, as well as Jaiprakash Associates, the majority shareholder in Jaypee Infratech.
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.
The winning bidder will be decided on a mix of parameters, involving financial and technical parameters, and the lenders would be keen to ensure that their money is recovered to the maximum extent possible, especially given the government’s keenness to ensure that the ‘haircut’ taken by lenders to stressed projects is minimum.