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Jaypee seeks home buyers' support for fresh JIL bid
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SME Times News Bureau | 23 Apr, 2019
Promising to construct over 20,000 incomplete flats in four years time,
the Jaypee Group has written to home buyers that it would submit a fresh
resolution to get back Jaypee Infratech and has sought their support
for the withdrawal of the insolvency case.
In its resolution
plan, Jayprakash Associates, a group company of which Jaypee Infratech
is a subsidiary, promised a "minimum" haircut to banks, offered 2,000
equity shares out of promoter holding and to set up an "overseeing
committee" consisting of a retired Supreme Court judge.
The
Jaypee Group in April 2018 also had submitted a Rs 10,000 crore plan
before the lenders to revive Jaypee Infratech, which was not accepted.
"Our
revised offer for settlement under Section 12 A of IBC shall address
minimum haircut to banks and will reflect our intent and commitment to
complete homes in transparent manner, address delayed compensation to
the extent this company can endeavour, FD holders are paid (all what has
been annexed to this mail is now part of the JAL submission under
section 12A)," said the mailed signed by Manoj Gaur, Chairman, Jaypee
Group.
"This will validate that with resolution of JIL under the
IBC, while banks will receive their dues with minimum hair cut, concerns
of other stakeholders too, are addressed/resolved amicably," it said.
The
letter, dated April 22, 2019, comes after Gaur met around 1,000 home
buyers on Friday (April 19) and requested them to support the fresh
resolution. On April 19, around 20 home buyers were also on hunger
strike in protest against the Jaypee Group.
According to the
company, there were 20,524 incomplete units as of April 1 and in the
first two years, it would complete 9,762 units including all the units
in Noida. In the third and fourth year, it would complete construction
of the remaining 10,760 units.
As per the resolution plan, Jaypee
Associates would infuse Rs 1,500 crore "up front to cover deficit in
cost of completion of homes".
It also said that 100 acres of
unused land shall be preserved for the need of funds, if needed, in
future. "100 acres of unencumbered land shall be preserved for
unforeseen circumstances. No development/sale /mortgage on this 100
acres will be undertaken for 3 years or completion of last home (out of
20,524) whichever is later."
The 100 acres would be housed in a
"JIL Home Owners' Welfare Trust" of which entire beneficiary interest
shall lie with the 20,524 home owners, as per the proposed resolution.
"Upon fulfilment of above schedule, the land under reference shall be
sold (expected in 4th year) and proceeds thereof shall be disbursed to
home buyers in proportion to their accrued delay compensation," it said.
It
also promised that the company itself would bear the cost of stamp duty
for the original allotees who did not get the flats by April 1, 2019
and also assured no maintenance fee for those home buyers for a year.
"Offer
of 2,000 equity shares (as per SEBI guidelines) at nil consideration
out of promoters holding, shall give home buyer an opportunity to be a
'shareholder' thus providing potential value addition in future."
In a letter mailed to Gaur, accessed by IANS, a section of the home buyers refused to support his resolution plan.
Regarding
the company's promise to infuse Rs 1,500 crore, the home buyers' mail
said: "When you repeatedly failed to deposit Rs 2,000 crore as was
ordered by the Supreme Court, please let me know wherefrom this amount
is coming in now."
The mail has also sought the "marketable value as on date" of the 100 acres unencumbered land.
The
state-run NBCC is likely to submit a fresh bid to acquire Jaypee
Infratech on Wednesday. The other bidder is Suraksha, and Adani
Infrastructure and Developer too has expressed its interest to bid.
The Committee of Creditors (CoC) would finalise the best bidder on April 30 as the deadline for resolution of JIL ends on May 6.
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