This, according to sources, has been one of the major bone of contention for the various parties, including the CoC and the Interim Resolution Professional (IRP) Anuj Jain. "The kind of tax benefits they are asking for would lead to major losses in taxes. But we have to see what the creditor's panel decides on Thursday," said a source.
In its revised bid, NBCC
has offered to settle the total operational debt aggregating to Rs 9,712 crore by paying Rs 20 crore. Operational debt comprises I-T department claims, additional compensation claims of Yamuna Expressway landowners, and claims by other operational creditors.
It has promised to deliver flats to homebuyers in four years. It has also offered 1,400 acres worth Rs 6,000 crore and the Yamuna Expressway highway to lenders.
has suggested that banks should raise about Rs 2,000 crore against the expressway and provide half of the amount to the PSU, which it will utilise as an upfront payment.
NBCC will also fund the gap of about Rs 1,500 crore between the estimated construction cost and receivables from customers.
Last week, the resolution offer by Suraksha Realty-led consortium to acquire Jaypee Infratech
was rejected by the after it was unable to get the required 66 per cent votes.
"Knowing very well that there is overwhelming support from banks and homebuyers for NBCC's proposal, IRP Anuj Jain did not put the NBCC proposal to vote on the pretext that they do not have requisite permissions from the finance ministry. But, it is quite evident from the finance ministry note that NBCC had those permissions," said Manish Goyal, a homebuyer in his letter to the prime minister.