Lenders face a hit of Rs 3,700 cr, homebuyers will miss the fine for late Jaypee Infra acquisition offers
New Delhi, December 6 () The lenders to Jaypee Infratech Ltd will have to cut more than Rs 3,700 million, while 20,000 buyers will not be paid any fine for the delay in the construction of their houses in the proposed acquisition by Suraksha Realty, based in Mumbai. and state-owned NBCC for the debt-laden company.
Against the admitted claims of the secured financial creditors of Rs 9,783 million rupees, Suraksha and NBCC are offering the reimbursement of only 62 percent of their outstanding installments even though the liquidation value of the company is around 13,000 million of rupees, sources aware of the development said.
On December 3, the two suitors submitted revised offers for the acquisition of the indebted company that only a few years ago built the country's first highway wide enough to allow fighter planes to land in emergency situations.
While they contributed very little cash, the two companies have offered land from the Jaypee Infratech land bank to settle some of the lenders' fees.
The sources said that neither offers penalties to homebuyers whose homes have been delayed. Homebuyers obtained a late penalty during insolvency, but the two bidders, called petitioners for resolution under the Insolvency and Bankruptcy Code, are not offering any, they said. MJH ANZ ABM ABM