State-owned NBCC Ltd and Mumbai-based Suraksha Realty on Tuesday submitted their final bids to acquire bankrupt realtor Jaypee Infratech through insolvency process, sources said. Lenders had asked both the suitors to sweeten their resolution plans and submit their bids by December 3. The final offer made by the two contenders could not be immediately ascertained. Earlier, sources had said that NBCC Ltd was considering offering more land to lenders and reduce timeline for completion of about 20,000 flats.
Suraksha Realty was also looking at possibilities of offering additional upfront cash and land to lenders, and higher compensation for delay in project delivery to homebuyers, sources had said. Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium. Anuj Jain was appointed as an interim resolution professional to conduct insolvency process and also manage the affairs of the company.
In the first round of insolvency proceedings conducted last year, Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year. The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then the Supreme Court.
On November 6, the Supreme Court directed completion of Jaypee Infratech”s insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty. As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have nearly 60 per cent votes. For a bid to be approved, 66 per cent votes are required. Homebuyers claim amounting to over Rs 13,000 crore has been admitted, while banks claim is nearly Rs 10000 crore.
Source: Financial Express, December 3, 2019