Insolvency: Promoters submit Rs 100 bn revival plan for Jaypee Infratech

In its resolution plan, Jaypee has offered a haircut of Rs 2.3 billion to the lenders, while Lakshadweep has offered to buy the realty firm at a hair cut of Rs 28 billion

Jaypee group chairman Manoj Gaur made a fresh effort to gain back control of Jaypee Infratech — a real estate company for which another firm has already been named the highest bidder under the ongoing insolvency proceedings. 

In its resolution plan, submitted to the committee of creditors (CoC) and the resolution professional, Gaur promised a marginal haircut to Jaypee Infratech lenders and minority shareholders and possession of homes by 2021. Lakshadweep Pvt Ltd — the firm CoC has chosen as the highest bidder — has offered to give possession to the homebuyers by 2024. Lakshadweep a joint venture of Suraksha