The lenders of debt-ridden Jaypee Infratech has recently asked NBCC, the state-owned construction company for providing them with more land that has a clear title. Whereas the homebuyers wish to get compensated for a huge delay in the completion of flats, the sources informed.
NBCC and Mumbai-based Suraksha Realty are competing to acquire Jaypee Infratech via insolvency proceedings. Both the companies submitted fresh bids on 17th November according to the direction of the Supreme Court.
A meeting of Committee of Creditors (CoC) had taken place with both the companies and the bankers sought multiple clarifications from NBCC on its resolution plan and asked it to make the bid more feasible.
In the process to settle the claim of approximately Rs. 9,800 crores to bankers, NBCC has offered 1,426 acre land of worth Rs 5,000 crores. Other than this, the state-owned construction company has also offered 75 percent of 858 acre land, which has been pledged by promoter Jaiprakash Associates Ltd and is likely to be transferred back to Jaypee Infratech.
The Yamuna Expressway, that connects Noida to Agra, will also be transferred to the lenders, but prior to this, NBCC has proposed to take Rs. 2,500 crore debt against the expressway for completion of more than 20,000 flats in the next four years.
In the meeting, bankers asked NBCC to provide an increased share of land with a clear title. Lenders also asked that the expressway should be transferred to them without any debt obligation, they added. The NBCC official told bankers that their demand will be communicated to the top management.
The homebuyers have demanded that delayed compensation should be paid to them as promised by Jaypee Infratech. They also said that the compensation for future delays should be given according to the realty law RERA.
Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into the insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
Anuj Jain was appointed as an Interim Resolution Professional to conduct the insolvency process and also manage the affairs of the company.