Jaypee Infra insolvency case: Suraksha-Lakshdeep consortium, NBCC submit revised bids

After multiple rounds of bids and revisions, the four-year-old Jaypee Infra insolvency case last night saw both, the Suraksha-Lakshdeep consortium and NBCC, submitting revised offers for the acquisition, according to people in the know.

The committee of creditors (CoC) will now meet tomorrow (May 20) to review the revised bids and take a call on voting.

According to banking sources, Suraksha- Lakshdeep consortium may have an edge over NBCC which had emerged as the highest bidder in the last round. Suraksha’s offer scores better, both on qualitative and quantitative terms with respect to the upfront cash infusion for homebuyers and the feasibility of its overall plan.

Suraksha has offered 2,651 acre of land in lieu of debt in which it has reserved about 1,486 acre for the dissenting creditors. NBCC, on the other hand, has offered 1,903 acre of land to financial institutions and banks in lieu of debt in which it has earmarked 377 acre for the dissenting creditors.

Both, Suraksha and NBCC have offered to complete the project over 42 months and offered very limited settlement as far as operational creditors are concerned.

The Supreme Court in March had given Jaypee Infratech a 45-day time period to wrap up the entire resolution process which has already lapsed. While creditors are in the process of getting an extension, time is of the essence as the case has been dragged on for almost 4 years and 20,000 homebuyers are still waiting for the delivery of their flats.