New Delhi: To sweeten the deal offered to beleaguered real estate firm Jaypee Infratech’s lenders, state-owned NBCC has offered to pay Rs 20 crore against over Rs 9,712-crore dues of operational creditors, including the income tax department and Yamuna Expressway development authority YEIDA.
What has NBCC offered?
The revised bid submitted by NBCC to Jaypee Infratech’s Interim Resolution Professional (IRP) Anuj Jain has offered that the operational debt totalling Rs 9,712 crore would be settled by payment of Rs 20 crore. Amidst the operational creditors, the IT department will claim Rs 3,334 crore, YEIDA Rs 6,112 crore and others Rs 267 crore. The IRP has, however, admitted claims worth Rs 464 crore only out of the total operational debt.
The revised bid also proposes to infuse Rs 200 crores within three months of taking over Jaypee Infratech.
‘Road asset should be transferred to an SPV’
While seeking relief and concessions, including consent, from the YEIDA, NBCC has proposed the transfer of the road asset from Jaypee to a special purpose vehicle (SPV) which can then be used to raise debt against the toll income.
NBCC has also stated categorically that the liability should be extinguished once the plan has been granted an approval.
What about delay in penalty amounts to homebuyers?
Touching upon the issue of delay in paying penalty amounts to home buyers, the state-run company has said that it would clear the dues if the Rs 750 crore deposited by Jaypee group with the registry of the Supreme Court is made available to it.
If selected, NBCC will settle the claims of homebuyers by ensuring delivery of over 20,000 flats. There are about 2,200 flats worth Rs 1,800 crore that have not been sold yet.
Creditors set to meet on May 9
The Committee of Creditors (CoC) is scheduled to meet on May 9 to discuss the revised offer submitted by NBCC. The news comes just days after the CoC rejected a proposal submitted by Suraksha Group.
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