Lenders of debt-ridden Jaypee Infratech will meet on April 26 and 30 to discuss revised bids submitted by state-owned NBCC and Suraksha Realty to acquire the realty firm and complete over 20,000 delayed apartments in Noida.
NBCC and Suraksha group, which are in the race to acquire the Jaypee Infratech firm, were asked by the lenders to sweeten their offers and both the potential buyers have submitted their revised offers under the Insolvency and Bankruptcy Code (IBC).
“Revised resolution plans have been received from NBCC and Suraksha Realty-led consortium and will be placed for discussion amongst CoC (committee of creditors) members on resolution plans received from resolution applicants in the meetings to be held on April 26 and April 30, respectively,” Jaypee Infratech Interim Resolution Professional (IRP) Anuj Jain said in a regulatory filing.
The details of revised plans were not disclosed.
In their earlier bids, both NBCC and Suraksha group had offered lenders parcels of Jaypee Group’s land to settle debt as well as monetisation of Yamuna Expressway that connects Noida and Agra in Uttar Pradesh.
Meanwhile, business conglomerate Adani had also expressed interest to bid for Jaypee Infratech. However, lenders are unlikely to seek Adani’s offer until this round of insolvency proceedings gets completed.
Last week, crisis-hit Jaypee Group’s promoters made a fresh attempt to retain control over its arm Jaypee Infratech by seeking the support of homebuyers for its debt resolution plan under the IBC.
Jaypee Group Chairman Manoj Gaur had apologised to thousands of distressed homebuyers and promised to infuse Rs 2,000 crore to complete apartments over the next four years. The group had submitted a Rs 10,000-crore plan before lenders in April 2018 as well, but the same was not accepted.
In the first round of insolvency proceedings, the Rs 7,350 crore bid of Lakshdeep, part of Suraksha group, was rejected by lenders as it was found to be substantially lower than the company’s net worth and assets.
In October 2018, the IRP started a fresh initiative to revive Jaypee Infratech on the NCLT’s direction. The realty firm has an outstanding debt of nearly Rs 9,800 crore.
Jaypee Group flagship firm Jaiprakash Associates Ltd (JAL) had submitted Rs 750 crore in the registry of the Supreme Court for the refund to buyers and the amount is lying with the NCLT. Jaypee Infratech is a subsidiary of JAL.
Source: Economic Times, April 26, 2018