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Jaypee Infratech lenders to consider bids on Thursday; Suraksha revises offer
Photo Credit: Reuters

Bankrupt realty developer Jaypee Infratech's committee of creditors (CoC) will consider bids of both state-owned NBCC (India) Ltd and realty firm Suraksha group in its next meeting scheduled on June 10. 

On Monday, ahead of the CoC meeting, Suraksha group sweetened its offer to Rs 7,736 crore. Last month, Mumbai-based Suraksha offered a resolution plan worth almost Rs 7,000 crore, which was Rs 1,736 crore more than NBCC’s Rs 5,248 crore plan. 

Lenders have been giving more time to the two bidders to revise their bids to maximise realisations. 

Suraksha has also assured to bring in an additional interim funding of Rs 300 crore to build houses faster for Jaypee homebuyers while reducing the timeline to complete some stalled projects. Suraksha is offering around 2,600 acres of land parcels from earlier 2,040 acres. 

Last month, VCCircle had reported that, after the fourth bidding round, Suraksha held an edge over NBCC. 

Meanwhile, in its plan submitted on June 4, NBCC is understood to have offered 100 acres more, bringing the total to around 2,100 acres. It has also offered a higher equity of 90% (from earlier 82%) in the Yamuna Expressway Project. 

NBCC has also said it will sell the hospital business and use the proceeds to retire debt of the lenders. 

Jaypee Infratech owns the Delhi-Agra expressway and the land around it. 

The embattled township developer owes a total of around Rs 22,600 crore, as per claims under the insolvency process. 

A unit of Jaiprakash Associates, Jaypee Infratech was admitted to bankruptcy in August 2017 on a plea by a consortium led by government-backed IDBI Bank over dues worth Rs 4,334 crore. More than 20,000 homebuyers and 13 banks are part of the CoC.  

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