The CoC will vote on Lakshadweep’s resolution plan on Tuesday. If Lakshadweep’s bid is approved, the resolution plans by both Jaypee and Lakshadweep are likely to be put before the Supreme Court (SC), sources said.
In its resolution plan, Jaypee has offered a haircut of Rs 2.3 billion to the lenders, while Lakshadweep has offered to buy the realty firm at a hair cut of Rs 28 billion.
It has also offered homebuyers 2,000 equity shares each in Jaypee Infratech, sources said. As many as 32,000 homebuyers are yet to get possession of flats. A 50 per cent discount on stamp duty and free maintenance are also in the offing, sources said.
Lakshadweep is arranging a loan of Rs 40 billion from banks and writing down existing equity to the extent of 99.99 per cent. The Jaypee group, on the other hand, has said it would arrange Rs 27 billion through toll monetisation and Rs 10 billion through additional working capital, sources said.
While Lakshadweep promised an upfront payment of around Rs 20.29 billion, the Jaypee group has proposed to pay Rs 12.55 billion.
As for operational creditors, the Jaypee group plan proposes to pay around Rs 4 billion as opposed to a waiver sought by Lakshwadeep, sources said.