Jaypee Infratech Homebuyers to Discuss NBCC Revised Bids
Financial creditors of debt-ridden Jaypee Infratech, including banks and homebuyers, will meet again on April 29 to hold discussions on the revised resolution plans submitted by the government’s construction arm NBCC and Suraksha group to take over the embattled realty firm through an insolvency process.
The case involves more than 20,000 homebuyers who have been anxiously waiting for the completion of their homes for over a decade. The revised resolution plans with further changes are expected to be submitted by both the entities with the insolvency resolution professional Anuj Jain by April 28.
NBCC is expected to provide details of the 1,526 acres of land in the revised plan that it is likely to submit by April 28. The financial creditors are expected to discuss the two plans and continue with negotiations with the two resolution applications at the meeting to be held on April 29. The plans will then be put to vote.
Jaypee Infratech informed that a meeting of the Committee of Creditors (CoC) will be held on April 29, 2021. “Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) and in accordance with the requirements of sub-clause 16(g) of Clause A of Part A of Schedule III of LODR, we wish to inform you that a meeting of Committee of Creditors will be held on 29th April 2021,” the embattled firm said.
In the last meeting of the CoC held on April 17, lenders had asked NBCC and Suraksha group to improve their bid and offer more land parcels under the land-debt swap deal. They had also asked the bidders to specify the treatment of dissenting financial creditors. This is the fourth round of the corporate insolvency resolution process.
Earlier this month, NBCC and Mumbai-based Suraksha group submitted their revised bids to acquire Jaypee Infratech through an insolvency process, as per the direction of the Supreme Court. In their bids, NBCC has offered 1,526-acre land and Suraksha group around 2,040 acres to lenders. Both NBCC and Suraksha have carried out some changes in their revised plans following the apex court order to return Rs 750 crore with accrued interest to Jaiprakash Associates (JAL) after reconciliation of accounts between JAL and JIL.
On Yamuna Expressway, NBCC has proposed to offer 82 percent equity in the road asset to lenders and it will retain an 18 percent share. In the 2019 bid, it had proposed a 100 percent transfer of highway. The two firms had submitted revised bids following the Supreme Court’s order on March 24 which said the IRP can invite modified or fresh resolution plans only from Suraksha Realty and state-run NBCC.