NEW DELHI: In a landmark case that involves 20,000 homebuyers awaiting the completion of their homes for over a decade, public sector enterprise NBCC and Mumbai-based Suraksha Group have submitted revised bids to acquire bankrupt real estate developer Jaypee Infratech, as per the directions of the Supreme Court.
“Pursuant to the directions of Hon’ble Supreme Court... the Interim Resolution Professional of JIL has invited fresh/modified Resolution Plan from NBCC. It is hereby informed that NBCC has submitted the freshmodified Resolution Plan for Jaypee Infratech Limited (JIL) on April 07, 2021,” the state-owned firm said in a regulatory filing.
The revised bids by the two firms will be discussed by the Jaypee Infratech’s Committee of Creditors (CoC) on April 12. According to sources, NBCC and Suraksha have both revised their bids in view of the apex court’s direction to return `750 crore with accrued interest to Jaiprakash Associates Ltd (JAL), the promoter group of Jaypee Infratech, after reconciliation of accounts between JAL and JIL.
This will be the fourth round of the process. Last month, the Supreme Court had said that no new expression of interest will be entertained for taking over the firm and that only NBCC and Suraksha Realty may file revised proposals. The SC had also extended the resolution process by 45 days.
Jaypee Infratech began the insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium. Homebuyers’ claims amounting to `13,364 crore and lenders’ claims worth `9,783 crore were admitted in due course.
In December 2019, the CoC, comprising 13 banks and around 21,000 homebuyers, approved the resolution plan of NBCC, but this was later challenged in the appellate tribunal NCLAT and later in the Supreme Court.