The Jaypee Infratech’s lender has decided to meet on 18th February to discuss the resolution plans that have to be submitted by the four shortlisted bidders by the end of this week in order to take over both the company and its mid-stuck projects.
Anuj Jain, the Interim Resolution Professional appointed by National Company Law Tribunal informed the stock exchange that the Committee of Creditors [CoC] is scheduled to meet next week.
According to the sources, the CoC comprising of financial creditors and the home buyers representatives will have to discuss the proposals that have to be submitted by Friday this week.
Jain, the Interim Resolution Professional had said that NBCC a state-owned fund, Kotak Investment, Singapore-based Cube Highways and Suraksha group were selected as the bidder and thus they are directed to submit the bid by 15th February.
He started to have a fresh revival of the Jaypee Infratech after the National Company tribunal Law rejected the bid of more than Rs. Rs 7,000 crore made by the Suraksha group. They also invited companies and investors to submit their resolution plans for the revival of Jaypee Infratech that is having multiple mid-stuck projects in Noida and Greater Noida.
The National Company Law Tribunal (NCLT) admitted the application by an IDBI Bank-led consortium that sought resolution for Jaypee Infratech under the Insolvency and Bankruptcy Code (IBC) in 2017and also appointed Anuj Jain as the Interim Resolution professional to invite and manage bids for the debt-ridden Jaypee Infratech.
Interestingly, Lakshdeep, the arm of Suraksha group led the race to acquire the company. But, the lenders rejected their bid of Rs. 7,350 crore as they found the amount insufficient for the construction of stalked Projects.
The Jaypee Infratech has an outstanding debt of about Rs. 9,800 crore and IDBI bank have Rs. 4,334 crore unpaid.
The Jaypee Infratech is the sister company of Jaypee Group’s company Jaiprakash Associates and is constructing nearly 32,000 flats. The company has delivered 9,500 units till now.