The company's lawyer told the National Company Law Appellate Tribunal (NCLAT) the lenders would get all their dues without taking any haircut and there will be a slew of perks for the homebuyers, including compensation for delay in completion of work.
JAL also proposes to waive off stamp duty for registration for homebuyers, give one year of free maintenance and additional compensation for delay. The land bank, which belongs to JAL, will be kept with a trust which will be sold after three years, and the proceeds from the same would be distributed among the homebuyers, the counsel for the company told the NCLAT.
On Monday, the NCLAT also reserved its order on the extension of Corporate Insolvency Resolution Process time of JIL. The appellate tribunal is likely to pronounce its order on July 29, the next date of hearing in the case. Lenders to JIL Lenders have requested the NCLAT to exclude a period of nearly 250 days starting September 2018 from the stipulated period for Corporate Insolvency Resolution Process (CIRP), as this time was taken by the National Company Law Tribunal (NCLT) to decide on the voting rights of the homebuyers.
During the last hearing on July 17, the NCLAT had suggested terms for fresh bids to be considered for the latter. One of the primary conditions, the appellate tribunal had observed, should be that the builder-buyer agreements that were originally signed must not undergo any changes.
Jaypee was taken to the National Company Law Tribunal (NCLT) by an IDBI Bank-led consortium for failing to repay debt worth nearly Rs 24,000 crore. In the first round of insolvency proceedings conducted last year, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. In October 2018, the RP of the company started a second round of bidding to revive Jaypee.