Case Jaypee Infra: NBCC can offer more land to lenders, reduce the deadline to complete the floors in the final offer
New Delhi, December 1 () It is likely that state-owned NBCC Ltd will offer more land to lenders and reduce the deadline for the completion of some 20,000 floors in its final offer to acquire the bankrupt firm Jaypee Infratech, said the sources.
NBCC is considering granting additional land to lenders in lieu of its offer to provide a share in the earnings on unclaimed apartments and some plots, which are compromised and under litigation, they added.
For homebuyers, NBCC is seeking to reduce the deadline to complete pending plans from the four-year term proposed in the offer submitted on November 17.
At the last meeting of the Creditors Committee (CoC) held on November 28, the lenders asked NBBC and Suraksha Realty to make a final offer before next Tuesday (December 3) after reviewing their previous offers by removing impediments and Make it more lucrative for homebuyers. as well as the banks.
The lenders had asked the NBCC to provide more land with a clear title instead of its current offer of more than 600 acres of land under litigation and some unclaimed flats. In addition, they wanted to complete the Yammu Highway Project without any debt obligations.
To resolve a pending claim of almost Rs 9.8 billion to the bankers, NBCC, in its offer submitted last month, offered 1,426 acres of land worth Rs 5,000 crore.
Other than that, he offered 75 percent of 858 acres of land, which has been promised by developer Jaiprakash Associates Ltd and now claimed by Jaypee Infratech.
In addition, NBCC offered to share 50 percent of the proceeds from the sale of unclaimed apartments after deducting accounts receivable from previous buyers and any expenses related to taxes/duties/legal.
The Yamuna highway, which connects Noida with Agra, will be transferred to the lenders, but before that, NBCC has proposed taking a debt of Rs 2,500 million against the highway to complete the pending floors.
The sources said that NBCC in the final offer could withdraw its offer related to unclaimed flats and promised lands. Instead of these two offers, it could provide more plots of land, more than 1,426 acres offered in its latest resolution plan.
Not only was NBCC, Suraksha Realty, based in Bombay, told to increase the advance payment to lenders of the existing offer of only Rs 25 million.
Suraksha Realty has offered 1,934 acres worth Rs 7,857 million to the lenders. It has been proposed to bring Rs 2,000 crore as working capital to complete the construction in the next three years and will retain the Yamuna Highway with itself. The Mumbai-based developer has proposed completing floors in the next three years.
Jaypee Infratech, a subsidiary of Jaiprakash Associates, affected by the crisis, entered into insolvency proceedings in August 2017 after the National Law Law Court (NCLT) admitted a request from a consortium led by IDBI Bank.
Anuj Jain was appointed as Provisional Resolution Professional to carry out the insolvency process and also manage the affairs of the company.
In the first round of insolvency proceedings last year, lenders rejected the offer of Rs 7,350 million from Lakshdeep, part of the Suraksha Group. The CoC rejected the offers of Suraksha Realty and NBCC in the second round held in May-June of this year.
The matter reached the National Court of Appeals for Company Law (NCLAT) and then the court of first instance.
On November 6, the Supreme Court ordered the termination of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will only be invited by NBCC and Suraksha Realty. Up to 13 banks and more than 23,000 homebuyers have the right to vote in the CoC. Buyers have almost 60 percent of the votes. For an offer to be approved, 66% of the votes are required. It has been admitted that homebuyers amount to more than Rs 13,000 million. MJH BAL BAL