November 22, 2019

Jaypee Infra: Voting on resolution plans likely Dec 8-11

[ by Kavita Krishnan ]


The Committee of Creditors (CoC) of the Jaypee Infratech (JIL) have planned to start the voting process on the resolution plans for the bankrupt company on December 8 and it would go on till December 11.

According to sources, as per the tentative timeline set in the CoC’s meeting on Monday, both the bidders – NBCC and Suraksha Realty – would have to submit their final resolution, if any, by December 3.

The CoC is likely to meet again on November 28.

Both the companies submitted their bids on November 17, as the Supreme Court had on November 6 ordered the completion of the JIL insolvency resolution process within 90 days and said that only plans of the NBCC and Suraksha would be considered by the CoC for completing pending projects.

The state-run NBCC, softening its bid, has offered 1,426 acres of land worth Rs. 5,001 crore of the bankrupt company to its financial creditors, sources said. It had earlier offered around 950 acres to the banks.

Further, reversing its offer on the unsold inventory, the NBCC has decided keeping the unsold units of JIL with itself and monetise them on its own, rather than leaving it to bankers.

In its earlier offer for the bankrupt developer, the NBCC had offered to transfer JIL's unsold residential inventory to lenders at Rs. 1,700 crore, and then revised it to Rs. 1,300 crore.

Mumbai-based Suraksha Realty, in its revised plan, has offered to infuse Rs. 25 crore upfront as equity and Rs. 7,857 crore land to lenders.

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