In the last meeting, the committee of creditors (CoC) had asked both NBCC and Suraksha to sweeten their offer. NBCC had even suggested that it was ready to work as project management consultant and charge fees for completing the stalled projects. In its earlier resolution plan, NBCC offered 1,400 acre worth Rs 6,000 crore as well as Yamuna Expressway to lenders.
It had proposed that banks should raise about Rs 2,000 crore against the expressway and provide half of the amount (Rs 1,000 crore) to the state-owned company, which would utilise the fund as an upfront payment.
NBCC had offered to fund the gap of about Rs 1,500 crore between estimated construction cost and receivables from customers.
In contrast, Suraksha Group made an offer of about Rs 20 crore as an upfront payment and land worth Rs 5,000 crore, sources had said. The Mumbai-based group promised to complete the pending projects in three years.
The National Company Law Tribunal
(NCLT) in 2017 had admitted the application of a consortium led by IDBI Bank
seeking resolution of Jaypee Infratech, and appointed Anuj Jain as the insolvency resolution professional (RP) to manage the company's business and invite bids from investors.
In the first attempt under the insolvency process, lenders had rejected the Rs 7,350 crore bid of Lakshdeep, part of Suraksha Group, as they found it to be substantially lower than the company's net worth and assets.
Therefore, the IRP in October 2018 started a fresh initiative to revive Jaypee Infratech.
The realty firm has an outstanding debt of nearly Rs 9,800 crore, of which Rs 4,334 crore pertains to IDBI Bank.
Other lenders are IIFCL, LIC, SBI, Corporation Bank, Syndicate Bank, Bank Of Maharashtra, ICICI Bank, Union Bank, IFCI, J&K Bank, Axis Bank
and Srei Equipment Finance.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)