Jaypee Infratech: Creditors Committee clears NBCC's takeover bid

Jaypee Infratech’s 23,000 odd homebuyers alone constitute almost 59 percent of the creditor's committee. A resolution plan requires a minimum of 66 percent votes of the creditor's committee to be approved.

Suraksha Realty offered lenders an upfront payment of Rs 190 crore in its final proposal, and 2,320 acres of land in lieu of debt to lenders, as per people in the know. It has also proposed to complete the project in three years time and offered delay penalty payment of Rs 10 square feet per month to homebuyers, added a banking executive who did not wish to be quoted.

CNBC-TV18 had earlier reported that Suraksha Realty is also in talks with JSW Infratech to provide financial, technical support for Jaypee Infratech.

NBCC did not offer any upfront payment and proposed to give 1,526 acres of land to lenders in lieu of debt. It has proposed to complete project for homebuyers within 3.5 years, and offered delay penalty payment of Rs 5 square feet per month to home buyers, said one of the people quoted above.

Also read: Jaiprakash Associates offers to repay all of Jaypee Infratech's dues

In the first round of insolvency proceedings, Suraksha Realty-Lakshdeep's Rs 7,350 crore bid was rejected by the lenders last year. In the second round conducted in May this year, the creditor's committee again rejected bids of NBCC and Suraksha Realty.

The National Company Law Appellate Tribunal (NCLAT) had then directed the matter to the Supreme Court, which directed the lenders to complete the resolution process within 90 days from November 6.

Also read: Jaypee Group: Govt may waive Rs 33,000 crore in tax claims to enable quicker resolution

Jaypee Infratech has a debt of close to Rs 10,000 crore to an IDBI Bank-led consortium and was referred to NCLT under the Insolvency and Bankruptcy Code in August of 2017.