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NBCC may sweeten Jaypee Infra bid, but not to banks' taste
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SME Times News Bureau | 02 Dec, 2019
State-run NBCC (India) is likely to sweeten its bid to acquire the
insolvent Jaypee Infratech Ltd (JIL) and may enhance the offering from
its current 1,428 acres, but sources say, it will not give out as much
land as sought by the lenders.
People in the know said that the
lenders have asked NBCC, formerly known as National Buildings
Construction Corporation Ltd, to offer 1,903 acres. Also, in the meeting
of the Committee of Creditors (CoC) held here on Thursday, the
financial creditors of JIL asked the public sector enterprise to offer a
debt-free Yamuna Expressway, but according to sources, NBCC would not
oblige them on this count.
As per NBCC's resolution plan, it
would transfer Yamuna Expressway to the lenders, prior to which it would
take a debt of around Rs 2,500 crore for completion of the stalled
projects.
"NBCC would only increase the land offered to the
lenders, but cannot relent on the demand for a debt-free (Yamuna)
Expressway, as the loan would be required to complete the flats," an
official source said.
NBCC has already enhanced its land offering
to the lenders to 1,426 acres worth Rs 5,001 crore, from 950 acres in
its previous bid. The land offered includes 760 acres in Agra and 666
acre in Tappal, Uttar Pradesh.
Further, banks have also been
offered 50 per cent of the profits generated from the sale of unclaimed
real estate units. Also, its resolution plan says that if the mortgaged
land of Jaypee Associates Ltd (JAL), the parent of JIL, is made
available to the JIL, free from all charges and encumbrances, then
around 75 per cent mortgaged land shall be transferred to the banks.
In
another move to sweeten its bid, reversing its offer on the unsold
inventory, the NBCC has decided to keep the unsold units of JIL with
itself and monetise them on its own, rather than leaving it to the
bankers.
Earlier the NBCC had offered to transfer JIL's unsold
residential inventory to lenders at Rs 1,700 crore, before revising it
to Rs 1,300 crore.
The distressed home buyers also have asked the
Navratna company to shorten the timeline for completion of projects and
to earmark more land for compensation for the delays to home buyers.
NBCC has to submit a revised bid by December 3.
This
is the third time that resolution plans have been sought to acquire and
complete the projects -- over 20,000 flats -- of Jaypee Infratech. The
other bidder in the fray is Mumbai-based Suraksha Realty Ltd.
The
Supreme Court had on November 6 ordered completion of the JIL
insolvency resolution process (IRP) within 90 days and said only the
resolution plans of the NBCC and Suraksha would be considered by the CoC
for completing pending projects.
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