Home > Finance > NBCC to offer more land to dissenting creditors in revised plan to acquire Jaypee Infratech

NBCC to offer more land to dissenting creditors in revised plan to acquire Jaypee Infratech


has offered 1100 acres of additional land valued at over Rs 2200 crore to the dissenting creditors in its revised bid to acquire , people familiar with the matter said. Earlier NBCC had offered 1903-acre land worth Rs 3200 crore and the balance Rs 2,300 crore was to be paid through non-convertible debentures (NCD), a senior official said.

“But instead of NCDs, in the fresh offer, we have proposed to give 1100 acre land worth Rs 2200 crore. Additionally, we have also offered 100-acre land to homebuyers,” said a senior NBCC official.

NBCC had submitted the fresh resolution plan on Friday evening, while rival bidder Suraksha Group had sought an additional seven days to submit a revised bid.

“We have complied to terms and conditions and hope no more extension will be given now,” the NBCC official said.

According to NBCC’s 140-page resolution plan, a copy of which is with ET, a 100 acre land parcel has been earmarked at Tappal to be transferred to homebuyers in case of delay in delivery.

“Payment of delay penalty at Rs 5 per sq ft per month to be payable after expiry of a moratorium period,” NBCC said in the resolution plan.

Last week, the company’s committee of creditors (CoC), comprising lenders and homebuyers, had voted in favour of giving a seven-day extension to bidders to revise their plans.

Both bidders were expected to submit their plans on Friday, June 4, and the Suraksha Group has now sought seven more days

CoC meeting is scheduled for Monday, June 7.

Prior to this, NBCC’s bid was rejected by the CoC on May 20 for non-compliance.

On May 22, NBCC wrote to the resolution professional suggesting that the company’s plan be considered for voting. It also filed an unsolicited addendum on May 22 claiming to have addressed the reservations raised by the CoC members.

Following NBCC’s submission of the addendum, the IRP held a CoC meeting on May 24, when they decided to conduct a voting to get homebuyers’ and lenders’ consent to provide the extension.

About 20,000 home buyers are waiting to get delivery of their homes in Jaypee Infratech’s projects. The Allahabad bench of the National Company Law Board had in 2017 classified the company as insolvent on a petition filed by IDBI Bank. Jaypee had defaulted on a Rs 526-crore loan by the bank.

In 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 has a debt of over Rs 9,800 crore to the 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.

Source link

TAGS , , , , , ,
Hi guys, this is Kimmy, I started LicensetoBlog to help you with the latest updated news about the world with daily updates from all leading news sources. Beside, I love to write about several niches like health, business, finance, travel, automation, parenting and about other useful topics to keep you find the the original information on any particular topic. Hope you will find LicensetoBlog helpful in various ways. Keep blogging and help us grow as a community for internet lovers.