Jaypee Infra insolvency: Lenders to meet on Nov 28 for further discussions on bids

PTI New Delhi | Updated on November 22, 2019

Lenders of Jaypee Infratech will meet on November 28 for further discussions on bids submitted by state-owned NBCC and Mumbai-based Suraksha Realty to acquire the debt-laden realty firm in the ongoing insolvency process. In a regulatory filing, Jaypee Infratech’s Interim Resolution Professional (IRP) Anuj Jain said “a meeting of Committee of Creditors will be held on November 28”. The agenda of the meeting was not disclosed.

However, sources said lenders will continue discussions with both the contenders.

Earlier this week, the Committee of Creditors (CoC) discussed the fresh bids submitted by NBCC Ltd and Suraksha Realty, which were sought as per the direction of the Supreme Court. This is the third round of bidding.

In the meeting held on November 18, senior officials of NBCC and Suraksha Realty made their presentations before the CoC and highlighted main features of their resolution plans to revive Jaypee Infratech.

NBCC and Suraksha might be asked to submit their final plans after the next CoC meet on November 28 and voting process could be conducted before December 10.

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.

To settle an outstanding claim of nearly ₹9,800 crore to bankers, NBCC has offered 1,426 acre land worth ₹5,000 crore, 75 per cent of 858 acres land to be transferred to Jaypee Infratech and 50 per cent of the sale proceeds of benami or unclaimed flats. From the sale proceeds, receivables from earlier buyers and any expenses related to tax/duties/ legal will be deducted.

Sources had said that there are about 3,000 such unclaimed units.

The public sector firm has proposed to transfer the Yamuna Expressway, which connects Noida and Agra, to the lenders, but before that it plans to take ₹2,500-crore debt against the expressway for completion of over 20,000 flats in the next four years.

Published on November 22, 2019

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