A consortium of Suraksha Realty-Lakshdeep Investments and Finance Private Limited emerged as the winning bidder for debt-ridden Jaypee Infratech as per the results of the voting process concluded on Wednesday, CNBC-TV18 learnt.
98.66 percent of the Committee of Creditors cast their vote in favour of Suraksha Group's offer, compared to 98.54 percent votes cast in favour of NBCC's bid, two people familiar with the matter told CNBC-TV18.
"Srei Equipment Finance's vote likely turned the outcome in favour of Suraksha's offer, as both were very close in the race," said one of the people quoted above.
Srei has a 0.12 percent voting share in the Jaypee Infra CoC. According to this person, while all banks voted yes for both NBCC and Suraksha Group, and ICICI Bank voted no for both, Srei voted yes for Suraksha and no for NBCC's plan, which turned out to be the deciding vote.
According to people in the know, Suraksha Group has offered secured financial creditors 2,552 acres of land in lieu of debt, with a fair value of Rs 6,456 crore and a liquidation value of Rs 4,189 crore as per the latest offer. It has also offered zero-coupon non-convertible debentures/other contractual obligations of Rs 1,280 crore to secured financial creditors redeemable in 8 yearly instalments of Rs 160 crore from the third to the tenth year.
It has proposed to pay Rs 29 crore to the fixed deposit holders in three half-yearly instalment, and Rs 64 crore to refund seekers, CNBC-TV18 has learnt. Operational creditor YEIDA would be paid Rs 20 lakh.
For homebuyers, Suraksha has proposed to infuse Rs 3,000 crore of working capital to expedite the completion of homebuyers projects, as per people in the know. It has offered to complete the homebuyers project over a period of 40 months and reserved 150 acres of land at Tappal in lieu of past delay penalty in trust for homebuyers.
Jaypee Infratech, as has been the case with most other IBC cases, will be delisted from stock exchanges as part of Suraksha's resolution plan, and public shareholders will be offered Rs 14 lakh.
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 IBC.
Commenting on the outcome of the CoC’s decision, a spokesperson for Suraksha said, "We humbly thank all the stakeholders including the Government of India, Hon’ble Supreme Court and entire Judiciary, Banks and Institutions, all Homebuyers, Public Depositors, YEIDA and their legal counsel, IRP and his team, Committee of Creditors and all their advisors for their relentless efforts towards reviving the world-class residential Jaypee Infratech project and express our gratitude towards them for bestowing faith in execution capabilities of Suraksha. Thanks to healthy competition and fair process conducted by IRP and CoC.
We are committed to the homebuyers and assure them of accelerated construction work in all phases leading to faster deliveries as promised in our resolution plan. Further, we look forward to the continued support of all stakeholders in our journey to bring back the beleaguered real estate project to fulfil the dreams of thousands of homebuyers."
First Published: IST