Jaypee Infratech Limited (JIL) creditors committee held its first meeting on Monday post the March 24 Supreme Court order.
The creditors committee reviewed the bids submitted by state-owned NBCC and a consortium of Suraksha Realty-Lakshdeep Investments and Finance Private Limited in the meeting and sought clarifications from them.
The process of selecting the new bidder is expected to be completed within 45 days, as ordered by the Supreme Court.
Both bids were found to be lower than bids submitted in the previous round. CNBC-TV18 reported on bid details on April 9,
NBCC has proposed to transfer 100 percent shareholding of a ‘Land Bank SPV’ containing lands aggregating 1,526 acres to institutional financial creditors in lieu of debt. Additionally, it has offered to transfer 82 percent shareholding in the ‘Expressway SPV’ which would include concession rights of Yamuna Expressway and 4798 acres of land to the financial creditors. The value of the land bank would be as per circle rates or government approved rates, NBCC said. This, according to NBCC’s offer, would allow institutional financial creditors to fully recover their Rs 9,782 crores of admitted claims.
Suraksha Group has proposed to pay a total of Rs 9,211 crores, which includes Rs 5.45 crores for CIRP costs, Rs 0.50 crores to operational creditors, and Rs 38.38 crores to FD Holders. It has proposed to pay institutional financial Creditors Rs 7,534 crores out of sale/sub-lease of 2,034 acres of land in Jaganpur, Tappal and Agra, according to the plan submitted on Thursday. It has also set aside Rs 1,623.76 crores as working capital funds for the construction of real estate projects for the delivery of homes, including refunds to home buyers.
(Edited by : Aditi Gautam)
First Published: IST