NBCC i.e. the National Building Construction Company has to submit the revised bid by 25th April in order to acquire the debt-ridden Jaypee Infratech. This bid can also make the way for NBCC to complete the stalled projects of the firm in Noida and Greater Noida locations.
Earlier this week, the lenders of Jaypee Infratech met and asked the National Building Construction Company to submit their plan on the said date, sources confirmed.
Both the NBCC and the Suraksha Group are racing against each other to acquire Jaypee Infratech that is already facing insolvency proceedings. In a separate row, the promoters of Jaypee group submitted more than Rs. 10,000 crore to pay off the lenders debt and also to complete the stalled projects but the same is yet to be considered.
The Committee of Creditors has asked both the companies to make a smart proposal.
However, the NBCC had proposed to be the project management consultant while charging fee for the mid-stuck projects.
Earlier the NBCC in its resolution plan offered 1,400-acre land of Rs. 6,000 along with the Yamuna Expressway to the lenders.
The company also proposed that the financial creditors (bank) should raise nearly Rs. 2,000 crore against the expressway and should offer half of the amount to them who will use this money as an upfront payment.
Also, the National Building Construction Company proposed a financial assistance to cover the gap of approximately Rs. 1,500 crore between the estimated construction cost and the receivables from customers.
While the Suraksha Group proposed nearly Rs. 20 crore as an upfront payment and a land parcel of Rs. 5,000 crore, the sources said. This Mumbai-based group promised to complete the construction of stalled projects.
In 2017, the National Company Law Tribunal (NCLT) had admitted the application by an IDBI Bank-led consortium, seeking resolution for JIL under the Insolvency and Bankruptcy Code. The tribunal had appointed Anuj Jain as IRP to manage the company’s business, who later invited bids from investors interested in acquiring JIL and completing the stuck real estate projects in Noida and Greater Noida.