Rs 33,000-crore tax hurdle for NBCC's bid for beleaguered Jaypee Infratech

A demand to extinguish income-tax liability of Rs 33,000 crore might make state-owned infrastructure major NBCC's bid for the beleaguered Jaypee Infratech's (JIL's) projects a tough call.

The committee of creditors (CoC) of the debt-ridden developer will meet on May 9 to discuss NBCC's revised bid. According to the revised resolution plan, NBCC has demanded that the income-tax liabilities should be extinguished.

"On account of land parcels from Yamuna Expressway Industrial Development Authority (YEIDA) to JIL in terms of concession agreement, the income-tax authority has been making an addition to the income of about Rs 2,950 crore on an annual basis, which,