A meeting of Committee of Creditors (CoC) has been convened on November 18 to discuss the resolution plans.
Earlier, NBCC had offered 2,207 unsold flats worth Rs 1,756 crore to lenders, but bankers were reluctant to acquire these apartments.
NBCC had revised this offer to flats worth Rs 1,300 crore, still bankers were not convinced.
Jain, the IRP, has sought revised bids from NBCC and Suraksha Realty and called the CoC meeting as per the direction of the apex court.
On November 6, the Supreme Court had directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from the NBCC and Suraksha Realty.
The apex court had said that pendency of any other application before the National Company Law Tribunal or National Company Law Appellate Tribunal, including any interim direction, shall be no impediment for the IRP to receive and process the revised resolution plan from the two bidders.
This will be the third round of bidding process in the Jaypee Infratech insolvency matter.
In 2017, Jaypee Infratech went into insolvency process after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium seeking revival of the realty firm. Jaypee Infratech has a debt of nearly Rs 10,000 crore.
In the first round of insolvency proceedings conducted last year, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders.
Later in October 2018, the IRP started the second round of bidding process to revive Jaypee Infratech on the NCLT's direction.
NBCC and Suraksha Realty both placed their bids but the same were rejected by the lenders, and the matter reached to appellate tribunal and then the Supreme Court.
As many as 13 banks and over 23,000 home buyers have voting rights in the CoC. Buyers have nearly 60 per cent votes. For the bid to be approved, 66 per cent voters should be in favour of the deal.
During the bidding process held in June 2019, the NBCC had proposed infusion of Rs 200 crore equity capital, transfer of 950 acres of land worth Rs 5,000 crore as well as Yamuna Expressway to banks and completion of flats by July 2023 in order to settle an outstanding claim of Rs 23,723 crore of financial creditors, including banks and home buyers.
NBCC had also put certain conditions related to exemption from future tax liabilities and seeking permission from Yamuna Expressway Industrial Development Authority (YEIDA).
Lenders had then asked NBCC to offer 1,426 acre land instead of 950 acre besides taking onus of getting approvals from income tax and development authorities.
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