Jaypee Infra resolution: NBCC offers 1,426 acres to banks

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New Delhi, Softening its resolution plan for Jaypee Infratech (JIL), state-run construction major NBCC has offered 1,426 acres land, worth Rs 5,001 crore, of the bankrupt company to its financial creditors, sources said.

NBCC had previously offered around 950 acres to the banks.

The Navratna company, formerly the National Buildings Construction Corporation Ltd, submitted its revised plan on Sunday.

Further, it has also offered 100 per cent shareholding of the Expressway SPV (special purpose vehicle) including concession rights of Yamuna Expressway and 4,798 acres of land.

It has also offered 50 per cent of the profits incurred form the sale of unclaimed real estate units on an annual basis after finalisation of books of account of JIL.

Further, reversing its offer on the unsold inventory, NBCC has decided keeping the unsold units of JIL with itself and monetise these assets on its own, rather than leaving the exercise for the bankers.

Sources added that the NBCC, in a revised resolution plan to be submitted in the Supreme Court in a week’s time, is likely to make this proposal to resolve the deadlock with the lenders and facilitate early resolution of Jaypee Infratech.

In its earlier offer for the bankrupt developer, the NBCC had offered to transfer Jaypee Infratech’s unsold residential inventory to lenders at Rs 1,700 crore, and then revised it to Rs 1,300 crore.

Regarding to the proposal for home buyers, along with an assurance for completed flats as per its delivery schedule, it has proposed a delay penalty of Rs 5 per square feet per month after the expiry of a moratorium period of one year from the delivery dates.

The Supreme Court on November 6 has ordered to complete Insolvency Resolution Process (IRP) of Jaypee Infratech Ltd within 90 days and said only the resolution plan of NBCC and Mumbai-based Suraksha Realty for completing pending projects of JIL will be considered by the Committee of Creditors.

Suraksha also has submitted its plan for the bankrupt JIL. The CoC of JIL is likely to meet on Monday to discuss the plans.

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