NEW DELHI :
Seeking multiple concessions for acquiring bankrupt realty firm Jaypee Infratech, state-owned NBCC has offered to pay ₹20 crore against over ₹9,712-crore dues of operational creditors, including the income tax department and Yamuna Expressway development authority YEIDA.
A Committee of Creditors (CoC) is scheduled to meet on May 9 to discuss the revised offer of NBCC Ltd after creditors, including bankers and home buyers, rejected the offer of Mumbai-based Suraksha Realty. NBCC's revised bid was not considered for voting by the lenders panel, citing lack of approvals from the government departments.
Meanwhile, Adani group has shown interest in making bid for Jaypee Infratech, while Jaypee group too has submitted bid for regaining control of its realty firm.
According to the revised offer submitted by NBCC, which was submitted to Jaypee Infratech's Interim Resolution Professional (IRP) Anuj Jain, the public sector unit has proposed that the total operational debt aggregating to ₹9,712 crore would be settled by payment of ₹20 crore.
Among the operational creditors, the IT department has claimed ₹3,334 crore, YEIDA ₹6,112 crore and others ₹267 crore. However, the IRP has admitted claims worth ₹464 crore only out of total operational debt.
NBCC said that the liquidation value would not be sufficient to cover the amounts due to secured financial creditors in full. It further said that the liquidation value owed to the operational creditors is expected to be nil.
That apart, NBCC has also sought many relief and concessions including consent from the Yamuna Express Industrial Development Authority (YEIDA) if Jaypee group transfers land and Yamuna Expressway to separate special purpose vehicles (SPVs).
On transfer of land to Jaypee Infratech from YEIDA as part of concession agreement, NBCC said the IT department has been making an addition to the income of about ₹2,950 crore on annual basis, which could result in a tax demand of ₹33,000 crore for a 30-year period.
NBCC has stated in its resolution plan that this liability in its entirety should be extinguished upon approval of this plan.
In its revised bid, the state-owned firm has proposed that it would infuse ₹200 crore within three months to take over Jaypee Infratech, which is a subsidiary of Jaiprakash Associates Ltd, the flagship firm of crisis-hit Jaypee group.
To secured financial creditors, NBCC has offered 950-acre land parcels worth ₹5,000 crore and 100 per cent shareholding of Yamuna Expressway that connects Noida to Agra in Uttar Pradesh.
For the Yamuna Expressway, NBCC has proposed that the road asset should be transferred from Jaypee to a special purpose vehicle and debt could be raised against the toll income.
NBCC will settle the claims of the home buyers by ensuring delivery of over 20,000 flats. There are about 2,200 unsold flats with the Jaypee group worth ₹1,800 crore.
On delay in paying penalty amounts to home buyers, the state-owned firm has proposed that the same would only be cleared if the ₹750 crore deposited by Jaypee group with the registry of the Supreme Court is made available to it. PTI MJH ANZ MKJ
This story has been published from a wire agency feed without modifications to the text.