Jaypee Infratech and the Indian Bankruptcy Code

In 2016, India passed a new bankruptcy law (IBC) to counter a brewing bank crisis and increased corporate distress. Homebuilder Jaypee Infratech, one of India largest distressed companies (the "dirty dozen") began restructuring under the IBC in 2017. Two years later, the situation remains unresolved, the Supreme Court is involved, there are two interested bidders for the company, and a creditor group that includes Indian banks and local homebuyers. Should York Capital bid to purchase some of Jaypee's secured debt and at what price?