In a recent development, the Committee of Creditors (CoC) who is looking after the Jaypee Insolvency Case has decided to hold two more meetings with the bidders before finalising the one. These bidders have already given their presentation to the CoC in a recently held meeting.
Among these bidders, NBCC and Suraksha Asset Reconstruction Company had given separate presentation wherein they shared their views on how to utilize the land parcels and their struck housing projects.
Anuj Jain who is the insolvency resolution professional (IRP), had shortlisted four companies — NBCC, Kotak Investment, Singapore-based Cube Highways, and the Suraksha Group, of which one will be appointed as the final bidder.
As per the presentation, NBCC has offered to garner Taj Expressway so as to generate a revenue of 6000 crore which will be later given to the lenders. They have also offered to provide 1,400 acres as debt-asset swap and are looking to build homes in their stuck projects in four years.
Talking about Suraksha Asset presentation, the group has offered debt asset swap to lenders in addition to an upfront payment of around Rs 20 crore. In the company’s plan, the asset swap is only available on the land parcels. The group has guaranteed to complete all the struck projects in a span of three years.
Seeing the presentation of both the companies, CoC has asked them to meet again over the next two to three weeks before they come on the final decision.