Jaypee Infratech’s lenders to discuss NBCC, Suraksha bids for realty firm

Jaypee Infratech’s financial creditors and home buyers will meet on Friday to discuss the bids submitted by State-owned NBCC and Mumbai-based Suraksha group to take over the bankruptcy-bound realty firm and complete stalled projects comprising over 20,000 housing units.

“A meeting of the Committee of Creditors (CoC) will be held on March 1,” said Anuj Jain, the Insolvency Resolution Professional (IRP) of Jaypee Infratech, in a regulatory filing.

In a separate filing, he said that the lenders have rejected a resolution to “conduct the addition forensic audit of the corporate debtor (Jaypee Infratech) from Date of Incorporation till March 2014” after voting process.

The filing did not disclose the agenda of Friday’s meeting, but sources said it has been called to discuss the resolution plans submitted by NBCC and the Suraksha group.

Sources said the settlement proposal of promoter Jaypee group will not be discussed in the CoC meet.Jaypee group’s flagship firm Jaiprakash Associates Ltd (JAL) has once again submitted a proposal to the lenders of its subsidiary firm Jaypee Infratech for settling dues worth ₹10,000 crore.

Last April, JAL had made an unsolicited offer of about ₹10,000 crore to settle Jaypee Infratech dues. It had also offered 2,000 equity shares each to buyers.

The realty firm has an outstanding debt of nearly ₹9,800 crore, of which ₹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.