State-owned NBCC (India) Ltd, formerly National Buildings Construction Corporation Ltd, has asked the interim bankruptcy resolution professional of realty firm Jaypee Infratech to consider its acquisition bid rejected by lenders, said the Press Trust of India.
To protect financial creditors’ interest, NBCC said it has offered Rs 5,000 crore for land parcels (as against the earlier Rs 3,000 crore). It has also offered 100% equity of Yamuna Expressway, which is the only cash-generating asset with Jaypee Infratech, a subsidiary of Jaiprakash Associates Ltd.
NBCC has also offered to sell unsold homes to the secured financial creditors of Jaypee Infratech, which is under debt of Rs 9,800 crore.
On 26 April, the lenders’ panel decided not to consider NBCC's Jaypee bid as it was subject to approval of various government authorities.
NBCC representatives wanted more time before the voting could be carried out on its plan in order to take all the necessary approvals.
However, the lenders decided to put on vote the offer of Suraksha Realty-led consortium on 30 April, rejecting the bid of NBCC.
NBCC said it had entered into the insolvency proceedings of Jaypee Infratech to provide relief to over 20,500 homebuyers.
As of now, Suraksha Realty-led consortium’s proposal is the only bid approved by the lenders under the insolvency proceedings.
Suraksha group has also made an offer for land worth Rs 5,000 crore to buy Jaypee Infratech, a subsidiary of Jaiprakash Associates Ltd.
Business conglomerate Adani Group had recently expressed interest to bid for Jaypee Infratech. However, lenders are unlikely to seek Adani's offer until the closure of this bidding round under insolvency proceedings.
NBCC is also completing some projects of the distressed Amrapali group on the Supreme Court's direction.
Last week, crisis-hit Jaypee Group's promoters made a fresh attempt to retain control of Jaypee Infratech by seeking the support of homebuyers for its debt resolution plan.
In 2017, the National Company Law Tribunal (NCLT) had admitted the application of an IDBI Bank-led consortium for bankruptcy resolution of Jaypee Infratech. IDBI Bank's dues stand at over Rs 4,000 crore
In the first round of insolvency proceedings, the Rs 7,350 crore bid of Lakshdeep, part of Suraksha group, was rejected by lenders as it was found to be substantially lower than the company's net worth and assets.
In October 2018, the interim bankruptcy resolution professional started a fresh initiative to revive the realty firm on NCLT's direction.