Business Standard

NBCC offering more land, benami flats to lenders

Will take responsibi­lity for selling ~1,750 cr worth of unsold flats of Jaypee Infratech

- PRESS TRUST OF INDIA

State-owned National Buildings Constructi­on Corporatio­n (NBCC) on Sunday sweetened its bid to acquire bankruptcy-bound Jaypee Infratech, by offering lenders 1,426 acres instead of 950 acres and providing half the 3,000 benami flats to them, sources said.

The company, which submitted its resolution plan on Sunday, is also believed to have offered 75 per cent of the 858 acres expected to be transferre­d back to Jaypee Infratech from parent company Jaiprakash Associates, they added.

NBCC has also taken the responsibi­lity for selling ~1,750 crore worth unsold flats of Jaypee Infratech instead of offering them to lenders, sources said, adding that the Yamuna Expressway, which connects Noida and Agra, would also be transferre­d to financial creditors.

NBCC and Suraksha Realty were asked to submit their revised offer by Jaypee Infratech’s Interim Resolution Profession­al (IRP) Anuj Jain, according to the direction of the Supreme Court. Suraksha

Realty has also submitted its bid but its details could not be ascertaine­d.

A meeting of Committee of Creditors (COC) is scheduled for November 18, to discuss the resolution plans of both the contenders.

According to sources, the NBCC has offered 1,426 acres worth ~5,000 crore to financial creditors as against 950 acres in the earlier bid that got rejected by the COC in June this year. This was one of the demands by bankers then.

Moreover, the company has provided 75 per cent of 858 acres, which is likely to be transferre­d to Jaypee Infratech.

Sources said Jaypee Infratech had about 3,000 benami flats, which have no claimants and NBCC is ready to give 50 per cent of these units to bankers. These flats are estimated to be worth ~2,500 crore.

In its last resolution plan submitted in May-june 2019, the NBCC had proposed infusion of ~200 crore equity capital and transfer of 950 acres worth ~5,000 crore as well as Yamuna Expressway to banks in order to settle an outstandin­g claim of ~23,723 crore of financial creditors, including banks and home buyers.

Jaypee Infratech owed nearly ~10,000 crore to bankers. Anuj Jain, the IRP, has sought revised bids from the NBCC and Suraksha Realty and called the COC meeting as per the direction of the apex court.

On November 6, the Supreme Court had directed completion of Jaypee Infratech’s insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty.

 ??  ?? Jaypee Infratech has about 3,000 benami flats that have no claimants, say sources
Jaypee Infratech has about 3,000 benami flats that have no claimants, say sources

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