Suraksha Realty and Lakshdeep Investments consortium on June 8 submitted a revised bid for Jaypee Infratech, barely an hour before the creditors' committee meeting was scheduled to discuss the bids.
Lenders had invited revised bids from both suitors of Jaypee Infratech—NBCC and Suraksha Group— by June 4. While NBCC submitted a revised bid, Suraksha had sought a week’s time. However, Suraksha sent its revised bid to lenders on June 7. In the last creditors' committee meeting on Monday, both Suraksha Group and NBCC were invited to make presentations on their latest bids.
CNBC-TV18 reviewed copies of both the revised bids that have been submitted for the lenders’ consideration.
In its latest bid, Suraksha Group has revised the aggregate offer to financial creditors by Rs 1,298 crores to Rs 7,736 crores. The revised plan also contains a provision for issuance of non-convertible debenture of Rs 1,200 crores in favour of institutional financial creditors.
As for homebuyers, Suraksha Group has reduced the timelines for the completion of the projects “wherever feasible and possible.” It has also made a provision to bring in additional interim funding of Rs 300 crore to ensure early completion of projects, according to the revised plan.
NBCC has offered 100 percent of the land bank company’s shares to the financial creditors who have agreed to the resolution plan. It has also offered to transfer a 90 percent stake in the expressway SPV, including concession rights of the Yamuna Expressway and land to lenders.
NBCC’s offer includes 4,660 acres of expressway land and 137.85 acres of commercial land for the development of facilities along the Yamuna Expressway. It has also earmarked an additional 100 acres of land at Uttar Pradesh’s Tappal town for payment to homebuyers on account of past delay penalty on a pro-rata basis.
According to people in the know, lenders have decided to consider both the bids, including Suraksha Group’s offer, which came in after the June 4 deadline ended. The proposals will be considered in the next creditors' committee meeting on June 10, said three people in the know.
Jaypee Infratech is facing claims of Rs 9,782 crore from institutional financial creditors, Rs 12,711 crore from homebuyers, and Rs 464 crore from operational creditors under the Insolvency and Bankruptcy Code, 2016 (IBC).
(Edited by: By Kanishka Sarkar)