NBCC likely to submit revised bid by April 25 to buy Jaypee Infratech

State-owned NBCC is likely to submit revised bid by April 25 for acquiring debt-ridden Jaypee Infratech and complete the housing projects.

Lenders of Jaypee Infratech met on Tuesday here and asked NBCC to submit their plan by April 25 as requested by the public sector firm, sources said.

NBCC and Suraksha Group are in race to acquire bankruptcy-bound realty firm Jaypee Infratech. Separately, Jaypee group promoters have submitted over Rs 10,000 crore offer to settle lenders debt and complete projects but the same is not being considered.

In the last meeting, the committee of creditors (CoC) had asked both NBCC and Suraksha to sweeten their offer. NBCC had even suggested that it was ready to work as project management consultant and charge fees for completing the stalled projects. In its earlier resolution plan, NBCC offered 1,400 acre worth Rs 6,000 crore as well as Yamuna Expressway to lenders.

It had proposed that banks should raise about Rs 2,000 crore against the expressway and provide half of the amount (Rs 1,000 crore) to the state-owned company, which would utilise the fund as an upfront payment.

NBCC had offered to fund the gap of about Rs 1,500 crore between estimated construction cost and receivables from customers.

In contrast, Suraksha Group made an offer of about Rs 20 crore as an upfront payment and land worth Rs 5,000 crore, sources had said. The Mumbai-based group promised to complete the pending projects in three years.

The National Company Law Tribunal (NCLT) in 2017 had admitted the application of a consortium led by IDBI Bank seeking resolution of Jaypee Infratech, and appointed Anuj Jain as the insolvency resolution professional (RP) to manage the company's business and invite bids from investors.

In the first attempt under the insolvency process, lenders had rejected the Rs 7,350 crore bid of Lakshdeep, part of Suraksha Group, as they found it to be substantially lower than the company's net worth and assets.

Therefore, the IRP in October 2018 started a fresh initiative to revive Jaypee Infratech.

The realty firm has an outstanding debt of nearly Rs 9,800 crore, of which Rs 4,334 crore pertains to IDBI Bank. Other lenders are IIFCL, LIC, SBI, Corporation Bank, Syndicate Bank, Bank Of Maharashtra, ICICI Bank, Union Bank, IFCI, J&K Bank, Axis Bank and Srei Equipment Finance.