Jaypee Infra insolvency: NBCC, Suraksha Realty offer more land in final bids
Lenders had asked both the suitors to sweeten their resolution plans and submit their bids by December 3. This is the third round of bidding process for resolution of debt-ridden Jaypee Infratech, which is a subsidiary of Jaiprakash Associates Ltd (JAL).According to sources, Suraksha Realty is in discussions with JSW group for technical and operational support to complete pending housing projects of Jaypee Infratech.
On the other hand, Suraksha Realty has also sweetened its resolution plan, by offering 2,220 acres of land worth Rs 9,800 crore under the land-debt swap deal. Earlier, it had offered 1,934 acres of land worth Rs 7,857 crore. This will cover the entire claim of lenders which is Rs 9,800 crore.It has increased upfront cash payment to lenders to Rs 175 crore from Rs 25 crore earlier. For homebuyers, Suraksha Realty has now set aside Rs 250 crore worth land as against land parcels worth Rs 100 crore earmarked earlier.
Further, it has promised to provide additional land parcels worth Rs 250 crore to homebuyers, if 858 acre land under the litigation comes back to Jaypee Infratech.
Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.Anuj Jain was appointed as an interim resolution professional (IRP) to conduct insolvency process and also manage the affairs of the company.
In the first round of insolvency proceedings conducted last year, Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders.
The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then the Supreme Court.
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