NBCC may revise bid for Jaypee Infra
NBCC is likely to take the responsibility of selling ~1,750 crore worth of unsold flats of Jaypee Infratech, instead of offering them to lenders, in its fresh bid to acquire the debtladen realty firm through the insolvency process, said people in the know. This was one of the reasons for lenders voting out NBCC’S resolution plan in June. NBCC and Suraksha Realty are likely to submit their revised offers on Sunday, as sought by Interim Resolution Professional Anuj Jain.
NBCC is likely to take the responsibility of selling ~1,750crore worth of unsold flats of Jaypee Infratech, instead of offering them to lenders, in its fresh bid to acquire the debtladen realty firm through insolvency process, said people in the know. This was one of the reasons for lenders voting out NBCC’S resolution plan in June this year.
NBCC and Suraksha Realty are likely to submit their revised offers on Sunday as sought by Interim Resolution Professional (IRP) Anuj Jain. A meeting of the Committee of Creditors (COC) has been convened on November 18 to discuss the resolution plans.
Earlier, NBCC had offered 2,207 unsold flats worth ~1,756 crore to lenders, but bankers were reluctant to acquire these apartments.
NBCC had revised this offer to flats worth ~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 based on directions from the apex court.
On November 6, the Supreme Court had directed completion of Jaypee’s insolvency process within 90 days, and said that the revised resolution plan would be invited only from 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 ~10,000 crore.
In the first round of insolvency proceedings conducted last year, the ~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 lenders and the matter reached the appellate tribunal, and then the Supreme Court.