Last month, the Supreme Court remitted to the Committee of Creditors (CoC) the issue of approval of resolution plan for Jaypee Infratech Ltd (JIL), saying no new expression of interest will be entertained for taking over the firm and only NBCC and Suraksha Realty may file revised proposals.
The apex court also directed to extend the resolution process by 45 days.
NBCC and Suraksha group have submitted their resolution plans to Interim Resolution Professional (IRP) Anuj Jain.
Jain told that NBCC and Suraksha group have submitted their bids and a meeting of the CoC is scheduled to be held on April 12.
This is the fourth round of bidding process.
Both NBCC and Suraksha have made some changes in their plans in view of the apex court direction to return Rs 750 crore with accrued interest to Jaiprakash Associates Ltd (JAL), the promoter group of Jaypee Infratech, after reconciliation of accounts between JAL and JIL, sources said.
In March last year, the NBCC got approval from the National Company Law Tribunal (NCLT) to acquire Jaypee Infratech and complete around 20,000 pending flats over the next three and half years.
The order was, however, challenged in the appellate tribunal NCLAT and later in the Supreme Court.
Jaypee Infratech went into an insolvency process in August 2017, after the NCLT admitted an application by an IDBI Bank-led consortium.
In December 2019, the CoC comprising 13 banks and around 21,000 homebuyers, approved the resolution plan of NBCC with 97.36 per cent vote in favour in the third round of bidding process.
In the 2019 bid, NBCC had proposed to complete over 20,000 pending flats in housing projects launched by Jaypee Infratech in Noida and Greater Noida (Uttar Pradesh).
Homebuyers’ claim amounting to Rs 13,364 crore and lenders’ claim worth Rs 9,783 crore were admitted.
NBCC offered 1,526 acres of land to lenders under a land-debt swap deal.
On Yamuna Expressway, NBCC had proposed to transfer the road asset to lenders but before that it would take a loan of around Rs 2,500 crore against toll revenue to fund construction spend.
Anuj Jain was appointed as an IRP to conduct the insolvency process and also manage the affairs of the company.
In the first round of insolvency proceedings, the Rs 7,350-crore bid of Lakshadweep, part of Suraksha Group, was rejected by lenders.
The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June 2019.
The matter then reached the National Company Law Appellate Tribunal (NCLAT) and then the apex court.
On November 6, 2019, the Supreme Court directed completion of Jaypee Infratech’s insolvency process within 90 days and the revised resolution plan to be invited only from NBCC and Suraksha Realty.
As many as 13 banks and over 21,000 homebuyers have voting rights in the CoC.
Buyers have 57.66 per cent voting rights, fixed deposit holders 0.13 per cent and lenders 42.21 per cent. For a bid to be approved, 66 per cent votes are required.