NBCC and Suraksha group on Monday made presentations before the Committee of Creditors (CoC), which met to discuss the resolution plans submitted by these two companies in the ongoing insolvency process at Jaypee Infratech, sources said.
Jaypee group promoters were also called in the meeting, they added.
In 2017, the National Company Law Tribunal (NCLT) admitted the application by an IDBI Bank-led consortium seeking resolution for Jaypee Infratech under the Insolvency and Bankruptcy Code (IBC). The tribunal had appointed Anuj Jain as IRP to manage the company's business and invite bids from investors.
This is the second attempt by the IRP and lenders to complete insolvency process. In the first round, the ₹7,350 crore bid of Lakshdeep, part of Suraksha group, was rejected by lenders as it was found to be substantially lower than the company's net worth and assets.
"There was a meeting of lenders where NBCC has given its presentation. In case we get this deal, our first target will be to complete all stalled projects," NBCC's CMD Anoop Kumar Mittal told PTI.
He said the company would definitely stick to timeline proposed in the resolution plan for delivery of flats to home buyers.
Mittal declined to share the value of bids quoted by the company citing confidentiality clause.
Sources, however, said that the NBCC in its bids has promised to deliver flats to homebuyers in four years. It has offered 1,400 acre land worth ₹6,000 crore as well as Yamuna Expressway highway to lenders.
NBCC has suggested that banks should raise about ₹2,000 crore against the expressway and provide half of the amount ( ₹1,000 crore) to the PSU, which will utilise this fund as upfront payment, they said.
The NBCC will also fund the gap of about ₹1,500 crore between estimated construction cost and receivables from customers.
In contrast, Suraksha group has made an offer of about ₹20 crore as upfront payment and land worth ₹5,000 crore, sources said. The Mumbai-based group has promised to complete pending projects in three year's time.
Last week, NBCC's Mittal had said the company was keen to acquire Jaypee Infratech and added that the resolution plan submitted by the company would benefit all stakeholders, including banks, home buyers.
In October 2018, Jain -- the IRP who is carrying out the insolvency process, started a fresh initiative to revive Jaypee Infratech on the NCLT direction after lenders rejected the over ₹7,000-crore bid of Suraksha group.
Jain had shortlisted four players -- NBCC, Kotak Investment, Singapore-based Cube Highways and Suraksha group -- to submit their resolution plans by February 15.
Kotak Investment and Cube Highways did not submit their bids.
The realty firm has an outstanding debt of nearly ₹9,800 crore, of which ₹4,334 crore pertains to IDBI. 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.
Jaypee Infratech, a subsidiary of Jaypee Group's flagship firm Jaiprakash Associates, is developing about 32,000 flats, of which it has delivered 9,500 units.
Jaiprakash Associates had submitted ₹750 crore in the registry of the Supreme Court for refund to buyers. However, this amount has now been transferred to NCLT as per an order of the apex court.
This story has been published from a wire agency feed without modifications to the text.