City
Epaper

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

By IANS | Updated: November 17, 2019 21:50 IST

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.

Open in App

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.

( With inputs from IANS )

Open in App

Related Stories

NationalExecutive Engineer caught red-handed taking bribe in Bihar's Motihari

BusinessHalf of India Skips Term Insurance: Why PNB MetLife Plans Are the Smartest Choice

MumbaiMumbai Accident: 18-Year-Old Girls Die After Scooter Skids While Overtaking Truck in C.P. Tank Circle

Other Sports'When Vaibhav came for trials, all of us knew we had found something special: RR's Vikram Rathour

Other SportsLSG owner shares throwback picture of 6-year-old Vaibhav Suryavanshi cheering for RPS in IPL 2017

कारोबार Realted Stories

BusinessIndia, Netherlands agree to strengthen economic ties

BusinessRemedium Lifecare: Ride the Pharma Wave with Our Rights Issue!

BusinessZoya from the House of Tata Unveils a New Expression of Aeterna-A Marquee Drop in Signature Luxury Jewellery

BusinessDigital Awareness Campaign Increases Knowledge of Students in Maharajganj, Uttar Pradesh

BusinessKhurafati Nitin of 92.7 Big FM marks 25 years, Launches 'Ushnita'