The final bids could be evaluated again before putting to vote. HT
The final bids could be evaluated again before putting to vote. HT

Jaypee Infratech lenders to meet on 7 Dec to decide on NBCC, Suraksha Realty bid

  • In the CoC meeting held on 28 November, lenders had asked state-owned NBCC and Suraksha Realty to make a final offer by 3 December
  • In the initial evaluation report, Suraksha Realty’s bid scored higher than that of NBCC

NEW DELHI : The Committee of Creditors (CoC) of Jaypee Infratech will meet on 7 December to decide on the bids received from NBCC and Suraksha Realty, the bankrupt realtor said in an exchange filing on Monday.

In the CoC meeting held on 28 November, lenders had asked state-owned NBCC and Suraksha Realty to make a final offer by 3 December after revising their earlier bids by removing impediments and making it more lucrative for homebuyers as well as banks.

In the initial evaluation report, Suraksha Realty’s bid scored higher than that of NBCC. The final bids could be evaluated again before putting to vote. As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have 60% votes and rest lies with the bankers. For a bid to be approved, 66% votes are required.

What happens on Tuesday?

NBCC is likely to offer more land to lenders and reduce the timeline for completion of about 20,000 flats in its final bid to acquire Jaypee Infra’s assets. To settle an outstanding claim of nearly 9,800 crore to bankers, NBCC, in its bid submitted last month, offered 1,426 acre land worth 5,000 crore. In its final bid, the state-owned realty firm could withdraw its offer related to unclaimed flats and pledged land. In lieu of these two offers, it may offer provide more land parcels, over and above 1,426 acre offered in its latest resolution plan, said a PTI report.

Suraksha Realty has offered 1,934 acres worth 7,857 crore to lenders. It has proposed to bring in 2,000 crore as working capital to complete construction of flats in the next 3 years and will retain the Yamuna Expressway.

Jaypee Infratech was sent for insolvency proceedings in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium. Its affairs, business and assets are being managed by the interim resolution professional, Anuj Jain, appointed by the National Company Law Tribunal.


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