JIL CoC takes up NBCC, Suraksha revised resolution plans

New Delhi, Nov 18 : The committee of creditors (CoC) of the insolvent Jaypee Infratech (JIL) here on Monday discussed the revised resolution plans submitted on Sunday by the NBCC and the Suraksha Realty.

It will meet again on November 28.

Softening the resolution plan, the state-run NBCC had offered 1,426 acres of land worth Rs 5,001 crore of the bankrupt company to its financial creditors, sources said.

It had earlier offered around 950 acres to the banks.

It has also offered 100 per cent shareholding of the expressway SPV (special purpose vehicle), including concession rights of the Yamuna Expressway and 4,798 acres of land.

It has also offered 50 per cent of profits incurred form the sale of unclaimed real estate units on an annual basis after finalisation of JIL's books of account.

Further, reversing its offer on the unsold inventory, the NBCC has decided keeping the unsold units of JIL with itself and monetise them on its own, rather than leaving it to bankers.

In its earlier offer for the bankrupt developer, the NBCC had offered to transfer JIL's unsold residential inventory to lenders at Rs 1,700 crore, and then revised it to Rs 1,300 crore.

Mumbai-based Suraksha Realty in its revised plan has offered to infuse Rs 25 crore upfront as equity and Rs 7,857 crore land to lenders.

The Supreme Court had on November 6 ordered completion of the JIL insolvency resolution process (IRP) within 90 days and said only the resolution plans of the NBCC and the Suraksha would be considered by the CoC for completing pending projects.



Source: IANS