Jaypee Infratech
Img : financialexpress

NBCC i.e. the State-owned National Building Construction Company recently informed the homebuyers that the assets of debt-ridden Jaypee Infratech will be monetized to develop the mid-struck projects instead of using their own money for the development of the same.

The homebuyers also got assurance from NBCC to receive the possession of their respective flats within three years from now that is 2021. The National Building Construction Company will be developing the flats if they win the bid.

The NBCC gave the assurance in its resolution plan and proposed investing of Rs. 500 crore into the Jaypee Infratech group in return to which they will receive 2,000 acres and 6,000 units of unsold, or unclaimed home units.

Both, the NBCC and the Suraksha Asset Reconstruction Company gave in their bids to acquire the Jaypee group under the IBP i.e. Insolvency & Bankruptcy Process.

Out of the total 9,000 homebuyers the NBCC officials met nearly 250 who were representing the buyers’ part. All the homebuyers are a part of 9 different associations and the aim to meet the company was to have clarity on the project completion schedule and financing.

The homebuyers requested to meet the officials of the National Building Construction Company.

Anoop Mittal, CMD, NBCC said that for the first time a public sector undertaking [PSU] submitted  a bid to acquire a firm in order to secure the homebuyers form losing their unit. He further said that we aim to offer relief to the homebuyers but as a company we don’t want to go into loss making also.

Apart from this, Mittal said that we will try to delivery homes in three years and will also try to reduce the time of delivering possession.

In the recently held meeting, the CoC i.e. Committee of Creditors asked NBCC if they can complete the construction work of the stalled project in less than five years.

In 2017, the IDBI Bank-led consortium submitted a resolution of Jaypee Infratech’s debt under the Insolvency and Bankruptcy Code to the NCLT i.e. National Company Law Tribunal.