The Suraksha Group has offered to deposit Rs 300 crore immediately if Jaypee Infratech’s creditors approved its bid so that construction work of the bankrupt developer’s stuck projects can resume without waiting for the final clearance from the bankruptcy court.
The revised plan increases the aggregate offer to institutional financial creditors by Rs 1,298 crore, expanding the total offer to Rs 7,736 crore, Suraksha’s revised bid said.
Suraksha also reduced the proposed construction timelines for the stuck projects in the revised plan submitted to Jaypee Infratech’s insolvency resolution professional on Monday morning, prior to a meeting by the company’s committee of creditors.
The committee with representatives of both lenders and homebuyers accepted Suraksha’s revised bid. It had earlier accepted state-run NBCC’s revised offer.
The next CoC meeting is scheduled for Thursday when both the bids will be discussed based on a valuation report that is expected to be undertaken over the next two days. The offers will then be put to vote for the final selection, most likely starting next week.
Suraksha’s revised resolution plan has offered to deposit Rs 300 crore with the resolution professional till the National Company Law Tribunal (NCLT) gives its clearance to the proposal.
The offer also contains provision for issuance of non-convertible debentures aggregating to Rs 1,200 crore in favour of institutional financial creditors.
For homebuyers, construction timelines have been reduced for the projects wherever feasible and possible, Mumbai-based Suraksha said.
NBCC, which had submitted its revised plan on Friday evening, has offered 1,100 acres of additional land valued at over Rs 2,200 crore to dissenting creditors.
Earlier, the company’s committee of creditors had voted in favour of giving a seven-day extension to the two bidders to revise their plans, on a request by NBCC.
About 20,000 home buyers are waiting to get delivery of their homes in Jaypee Infratech’s projects. The Allahabad bench of the NCLT had in 2017 classified the company as insolvent on a petition filed by IDBI Bank. The company had defaulted on a Rs 526 crore loan from the bank.
The same year, the NCLT admitted the application of an IDBI Bank-led consortium seeking resolution of Jaypee Infratech’s debt under the Insolvency & Bankruptcy Code.
Jaypee Infratech owes more than Rs 9,800 crore to the lenders’ consortium. Homebuyers’ claims amount to Rs 12,714 crore. The admitted financial debt out of the total claims filed by creditors is Rs 22,613 crore.
