NBCC decides not to dilute conditions in revised offer for Jaypee Infratech

NBCC Monday decided against diluting certain conditions, including exemption from tax liability, in its revised offer for debt-laden Jaypee Infratech even as lenders have flagged serious concerns about the state-owned firm's conditional bid, sources said.

The NBCC's revised bid to acquire Jaypee Infratech and complete the work of over 20,000 flats would be discussed on May 14 by the Committee of Creditors (CoC), they added.

On Friday, lenders wrote to the NBCC seeking clarifications on certain relief and concessions put forward by the public sector firm in its resolution plan.

According to sources, NBCC has decided not to dilute the conditions of exemption from income tax liability as well as from taking consent of development authorities for transfer of businesses. It has also not agreed to change its proposal that lenders should take unsold flats in case state-owned firm fails to sell them in the market.

To make changes in these clauses, sources said, NBCC needed approvals from its