After a recent presentation by the state-owned NBCC and Mumbai-based Suraksha group, the financial creditors, as well as homebuyers of the Jaypee insolvency matter, will meet today to discuss on the takeover bids. Both groups have shared their plans on how to utilize the funds in order to complete the thousands of incomplete housing units.
According to Anuj Jain, Insolvency Resolution Professional (IRP) of Jaypee Infratech, the next meeting of the Committee of Creditors (CoC) will take place on March 1.
Jain further said, “In another filing, the creditors have disallowed a resolution to “conduct the addition forensic audit of Jaypee Infratech from Date of Incorporation till March 2014” after voting process.”
However, sources said that the today discussed proposal will not be further discussed in the coming March 1 meeting. In the last meeting too, JAL has submitted their presentation along with NBCC and Suraksha Group. They submitted another proposal on settling dues of Rs 10,000 crore. Moreover, this the second attempt by the group in order to keep their bankrupt firm Jaypee Infratech with them. The first attempt was made in April 2018.
Talking about NBCC and Surakhsha group resolution plans, the state-owned NBCC has offered to have offered to generate a revenue of 6000 crore to the lenders by garnering the Taj Expressway. Also, they have offered to develop stuck housing units in the next four years.
On the other hand, the Suraksha Asset group has guaranteed to complete the stalled projects in a three-year span of time.
In 2007, Jaypee Infratech started the development of 32,000 housing units in their project Wish Town in Noida. However, till date they have been able to deliver only 9,500 units. The group today owns debt of around Rs 9,800 crore to various lenders including IDBI Bank, ICICI Bank, Axis Bank, Corporation Bank, LIC etc.