Jaypee Infra insolvency: NBCC, Suraksha sweeten bids; offer more lands to lenders

New Delhi: State-owned NBCC and Suraksha group, which are in the race to acquire Jaypee Infratech through the insolvency process, have improved their bids to offer more land parcels to institutional financial creditors.

According to sources, NBCC raised its offer up to 1,903 acre, while Surakasha group has proposed over 2,600 acre to lenders.

In their resolution plan submitted by the two parties earlier this month, NBCC had offered 1,526 acre and Suraksha around 2,040 acre.

NBCC and Mumbai-based Suraksha group submitted their fresh bids, as per the direction of the Supreme Court.

As per the sources, a meeting of the Committee of Creditors (CoC) was held on Thursday to discuss the bids of both parties.

Suraksha group has earmarked 1,486 acre to dissenting lenders out of the total land parcels offered in the proposal, the sources said, adding that the company has given undertaking to provide more land in case of shortfall.

NBCC has provided an additional 377-acre land in case dissenting financial creditors are not satisfied with its original offer of 1,526 acre, taking its total offer to up to 1,903 acre.

On Yamuna Expressway, NBCC has proposed to offer 82 per cent equity in the road asset to lenders and it will retain an 18 per cent share. In the 2019 bid, it had proposed a 100 per cent transfer of highway.

In earlier meetings of the CoC, the lenders had asked both the interested parties to improvise their bids and provide more land parcels under the land-debt swap deal. This is the fourth round of the bidding process in the matter of Jaypee Infratech, which went into an insolvency process in August 2017.

Last month, the Supreme Court remitted to the CoC the issue of approval of resolution plan for Jaypee Infratech Ltd (JIL), saying no new expression of interest would be entertained for taking over the firm and only NBCC and Suraksha Realty could file revised proposals.

The apex court also directed to extend the resolution process by 45 days.

In March last year, NBCC got approval from the National Company Law Tribunal (NCLT) to acquire Jaypee Infratech.

Homebuyers' claim amounting to Rs 13,364 crore and lenders' claims worth Rs 9,783 crore were admitted last year.