More than 22,000 Jaypee Infratech home buyers have opted for internal voting of the committee of creditors to decide which of the two companies that have bid to take over the stuck projects would complete them.
State-owned NBCC and Mumbai-based Suraksha Realty have submitted their revised bids on Tuesday.
“We will get the bid details by Wednesday and have decided to opt for internal voting to choose between NBCC and Suraksha,” said a homebuyer. “Buyers will have 48-hour to vote and based on the result, the bidder will be selected.”
According to people aware of the latest bids, NBCC has advanced the completion date to 42 months from 48 earlier and has also increased the land offered to lenders by 100 acres to 1,526 acres. It has also proposed to increase the concession agreement of Yamuna Expressway by 10 years.
Mumbai-based JSW Infrastructure is tying up with Suraksha Realty for the bid, two people aware of the matter said.
“Homebuyers constitute nearly 57.8% of voting on resolution plan of Jaypee Infratech and Suraksha has reached out to various associations of the homebuyers to convince them to vote in favour of the plan,” said one of the people cited above.
Both Suraksha and Sajjan Jindal-promoted JSW did not respond to email query sent to them as of press time Tuesday.
“The Supreme Court had clarified that both NBCC and Suraksha can seek financial or technical support from any third party to complete the project on time and hence Mumbai-headquartered Suraksha Realty has decided to tie up with JSW Infrastructure,” said one of the people cited above.
The top court had on November 6 directed the resolution professional to complete Jaypee Infratech’s insolvency process within 90 days.
The Suraksha-JSW consortium has already got in-principle approval for a Rs 2,000-crore credit line from a foreign bank, the person said. “Also, the consortium is looking forward to getting around Rs 350 crore from the toll collection at the Yamuna Expressway, which it intends to use to complete the project along with monetisation of land parcels, owned by the Jaypee Infratech.”
The company is estimating project cost of around Rs 6,000 crore, sources said.
Suraksha Realty is looking to set aside more land for payment of delay compensation as against its current proposal to earmark land worth Rs 100 crore for this purpose. The company has proposed to bring in Rs 2,000 crore as working capital to complete construction in the next three years and plans to retain the Yamuna Expressway with itself.
