State-owned NBCC and a consortium of Suraksha Realty-Lakshdeep Investments and Finance Private Limited have each submitted revised plans to takeover debt-ridden Jaypee Infratech Limited (JIL). The modified proposals, acquired within the fourth spherical of bidding for the corporate, have now been shared with all lenders forward of a collectors committee assembly on Monday, CNBC-TV18 had reported on Thursday.
CNBC-TV18 had reviewed a duplicate of each the decision plans submitted by the candidates. Here’s what every has proposed.
NBCC’s Resolution Plan
NBCC has proposed to switch 100 p.c shareholding of a ‘Land Bank SPV’ containing lands aggregating 1,526 acres to institutional monetary collectors in lieu of debt. Additionally, it has provided to switch 82 p.c shareholding within the ‘Expressway SPV’ which would come with concession rights of Yamuna Expressway and 4798 acres of land to the monetary collectors. The worth of the land financial institution can be as per circle charges or authorities permitted charges, NBCC mentioned. This, in response to NBCC’s provide, would enable institutional monetary collectors to completely recuperate their Rs 9,782 crores of admitted claims.
As per the plan, NBCC is hopeful of delivering varied JIL initiatives 15-42 months after the switch date, which might be 90 days from the approval date. After the expiry of two years, it additionally provided a delayed penalty of Rs 5 per sq. toes monthly to householders of those initiatives.
FD holders, which claims of over Rs 38 crores are proposed to be paid Rs 29 crores inside a yr, and refund seekers with claims of Rs 88 crores are proposed to be paid Rs 62.40 crores unfold over 5 years. Operational creditors- together with the tax division, YEIDA, others- with admitted claims of Rs 464.20 crores would solely be paid Rs 5 crores, NBCC mentioned in its plan.
NBCC has proposed to infuse upto a most of Rs 10 crores by the use of fairness for any CIRP prices, building of flats, and so forth.
Suraksha Group’s Resolution Plan
Suraksha Group has proposed to pay a complete of Rs 9,211 crores, which incorporates Rs 5.45 crores for CIRP prices, Rs 0.50 crores to operational collectors, and Rs 38.38 crores to FD Holders. It has proposed to pay institutional monetary Creditors Rs 7,534 crores out of sale/sub-lease of two,034 acres of land in Jaganpur, Tappal and Agra, in response to the plan submitted on Thursday. It has additionally put aside Rs 1,623.76 crores as working capital funds for the development of actual property initiatives for the supply of houses, together with refunds to dwelling consumers.
Suraksha Group mentioned it could ship initiatives to homebuyers in 6-50 months from 90 days submit last approval from NCLT or the next court docket, because the case could also be. It has additionally provided a delayed penalty of Rs 5 per sq. foot monthly to homebuyers after multiple yr delay.
Both the plans include varied circumstances connected. The plans will probably be reviewed by the collectors’ committee of their subsequent assembly on April 12, and the method of choosing the brand new bidder is anticipated to be accomplished inside 45 days, as ordered by the Supreme Court on March 24.
