State-owned NBCC and a consortium of Suraksha Realty-Lakshdeep Investments and Finance Private Limited have both submitted revised plans to takeover debt-ridden Jaypee Infratech Limited (JIL). The modified proposals, received in the fourth round of bidding for the company, have now been shared with all lenders ahead of a creditors committee meeting on Monday, CNBC-TV18 had reported on Thursday.
CNBC-TV18 had reviewed a copy of both the resolution plans submitted by the applicants. Here’s what each has proposed.
NBCC’s Resolution Plan
NBCC has proposed to transfer 100 percent shareholding of a ‘Land Bank SPV’ containing lands aggregating 1,526 acres to institutional financial creditors in lieu of debt. Additionally, it has offered to transfer 82 percent shareholding in the ‘Expressway SPV’ which would include concession rights of Yamuna Expressway and 4798 acres of land to the financial creditors. The value of the land bank would be as per circle rates or government approved rates, NBCC said. This, according to NBCC’s offer, would allow institutional financial creditors to fully recover their Rs 9,782 crores of admitted claims.
As per the plan, NBCC is hopeful of delivering various JIL projects 15-42 months after the transfer date, which would be 90 days from the approval date. After the expiry of two years, it also offered a delayed penalty of Rs 5 per square feet per month to homeowners of these projects.
FD holders, which claims of over Rs 38 crores are proposed to be paid Rs 29 crores within a year, and refund seekers with claims of Rs 88 crores are proposed to be paid Rs 62.40 crores spread over five years. Operational creditors- including the tax department, YEIDA, others- with admitted claims of Rs 464.20 crores would only be paid Rs 5 crores, NBCC said in its plan.
NBCC has proposed to infuse upto a maximum of Rs 10 crores by way of equity for any CIRP costs, construction of flats, etc.
Suraksha Group’s Resolution Plan
Suraksha Group has proposed to pay a total of Rs 9,211 crores, which includes Rs 5.45 crores for CIRP costs, Rs 0.50 crores to operational creditors, and Rs 38.38 crores to FD Holders. It has proposed to pay institutional financial Creditors Rs 7,534 crores out of sale/sub-lease of 2,034 acres of land in Jaganpur, Tappal and Agra, according to the plan submitted on Thursday. It has also set aside Rs 1,623.76 crores as working capital funds for the construction of real estate projects for the delivery of homes, including refunds to home buyers.
Suraksha Group said it would deliver projects to homebuyers in 6-50 months from 90 days post final approval from NCLT or a higher court, as the case may be. It has also offered a delayed penalty of Rs 5 per square foot per month to homebuyers after more than one year delay.
Both the plans come with various conditions attached. The plans will be reviewed by the creditors' committee in their next meeting on April 12, and the process of selecting the new bidder is expected to be completed within 45 days, as ordered by the Supreme Court on March 24.
(Edited by : Abhishek Jha)
First Published: Apr 9, 2021 7:20 PM IST
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