According to sources, lenders during a meeting of Committee of Creditors (CoC) on Saturday told both the interested parties to improvise their bids and provide more land parcels under the land-debt swap deal.
This is the fourth round of bidding process in the matter of Jaypee Infratech, which went into an insolvency process in August 2017.
Lenders also asked both the bidders to specify how they will settle dues of dissenting financial creditors, sources said.
Homebuyers demanded that Suraksha group should reduce the timeline for giving possession of their flats, they said.
Last month, the Supreme Court remitted to the Committee of Creditors (CoC) the issue of approval of resolution plan for Jaypee Infratech Ltd (JIL), saying no new expression of interest would be entertained for taking over the firm and only NBCC and Suraksha Realty could file revised proposals.
The apex court also directed to extend the resolution process by 45 days.
In the CoC meeting, which was held on April 12, NBCC was asked to determine the locations where these land parcels are situated at Noida and Greater Noida in Uttar Pradeh.
Lenders had also asked the NBCC to take the government's approval as well as the fair trade regulator nod on the bid.
In the current fourth round, NBCC and Suraksha have made some changes in their revised plans in view of the apex court direction to return Rs 750 crore with accrued interest to Jaiprakash Associates Ltd (JAL), the promoter group of Jaypee Infratech, after reconciliation of accounts between JAL and JIL.
On Yamuna Expressway, NBCC has proposed to offer 82 per cent equity in the road asset to lenders and it will retain 18 per cent share.
In the 2019 bid, it had proposed 100 per cent transfer of highway.
In March last year, the NBCC got approval from the National Company Law Tribunal (NCLT) to acquire Jaypee Infratech.
Homebuyers' claim amounting to Rs 13,364 crore and lenders' claim worth Rs 9,783 crore were admitted last year.
The order was, however, challenged in the appellate tribunal NCLAT and later in the Supreme Court.
Jaypee Infratech went into insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium.
Anuj Jain was appointed as an Interim Resolution Professional (IRP) to conduct insolvency process and also manage the affairs of the company.
In the first round of insolvency proceeding, the Rs 7,350-crore bid of Lakshadweep, part of Suraksha Group, was rejected by lenders.
The CoC rejected the bids of Suraksha Realty and NBCC in the the second round held in May-June 2019.
The matter then reached the National Company Law Appellate Tribunal (NCLAT) and then the apex court.
On November 6, 2019, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and ordered that the revised resolution plan to be invited only from NBCC and Suraksha Realty.
In December 2019, the CoC comprising 13 banks and around 21,000 homebuyers, approved the resolution plan of NBCC with 97.36 per cent vote in favour in the third round of bidding process.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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