NBCC submits a revised bid for Jaypee Infratech 

State-owned National Buildings Construction Corporation (NBCC) Ltd, on Wednesday, submitted its revised bid to acquire debt-ridden Jaypee Infratech and complete over 20,000 delayed apartments in Noida, sources said.

NBCC and Suraksha group, which are in the race to acquire the Jaypee Group firm, were asked to sweeten their offers by the lenders.

Suraksha had earlier submitted its revised bid. However, details of the revised offers by NBCC and Suraksha were not immediately available.

A meeting of the Committee of Creditors (CoC) is scheduled to be held on April 26, 2019,  Anuj Jain, Interim Resolution Professional (IRP), Jaypee Infratech, had said in a regulatory filing. Sources said the lenders would discuss the revised bids of both the potential buyers.

In their earlier bids, both NBCC and Suraksha group had offered lenders parcels of Jaypee Group’s land to settle the debt as well as monetisation of Yamuna Expressway that connects Noida and Agra in Uttar Pradesh.

Meanwhile, business conglomerate Adani Group had also expressed interest to bid for Jaypee Infratech. However, lenders are unlikely to seek Adani’s offer until this round of insolvency proceedings gets completed.

Last week, Jaypee Group promoters made a fresh attempt to retain control over its arm Jaypee Infratech by seeking the support of homebuyers for its debt resolution plan submitted under the Insolvency and Bankruptcy Code. Manoj Gaur, Chairman, Jaypee Group, had apologised to thousands of distressed homebuyers and promised to infuse INR 2,000 crores to complete pending apartments over the next four years.

Jaypee Group in April 2018 had also submitted an INR 10,000 crore plan before lenders to revive Jaypee Infratech, but the same was not accepted. In 2017, the National Company Law Tribunal (NCLT) admitted the application by an IDBI Bank-led consortium seeking resolution of Jaypee Infratech.

In the first round of insolvency proceedings, the INR 7,350 crore bid of Lakshadweep, part of Suraksha group, was rejected by lenders as it was found to be substantially lower than the company’s net worth and assets.

In October 2018, the IRP started a fresh initiative to revive Jaypee Infratech on NCLT’s direction. The realty firm has an outstanding debt of nearly INR 9,800 crore. Jaypee Group flagship firm Jaiprakash Associates Ltd had submitted INR 750 crore in the registry of the Supreme Court for the refund to buyers and the amount is lying with the NCLT.

Source: The Times of India

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