CoC may hold more meets with 2 Jaypee Infra bidders

Mumbai: The Committee of Creditors (CoC) overseeing Jaypee Infratech’s insolvency resolution process is likely to hold more meetings with two bidders before deciding, two people with direct knowledge of the development said.
In a meeting on Monday, the lenders discussed the bids received from state-run construction company NBCC and Suraksha Asset Reconstruction Company. Both bidders made separate presentations to the CoC.

“Lenders are likely to negotiate with both the bidders separately and these meetings will be held over the next two to three weeks. Jaypee Group promoter Manoj Gaur was also present in today’s meeting,” said one of the persons mentioned above.

Anuj Jain, the insolvency resolution professional (IRP), had shortlisted four players — NBCC, Kotak Investment, Singapore-based Cube Highways and the Suraksha Group — and asked them to submit their resolution plans by February 15.

According to the persons mentioned above, as part of its proposal, NBCC has offered to hive off Taj Expressway and give it to lenders. The value of the road project is over Rs 6,000 crore given the toll collection. NBCC has asked lenders to provide Rs 2,000 crore in lieu of this project. Half of this will be returned to lenders as part of repayment package and balance will be used for completion of projects, estimated to cost Rs 1,500 crore. NBCC has also offered to give 1,400 acres as debt-asset swap and is looking to build homes in these stuck projects in four years.

“CoC had called for the presentations from the bidders and we made our presentation today. Although I cannot share details of our commercial proposal because of confidentiality, but I can certainly say that we are confident of delivering the flats ahead of the times frame we have proposed,” Anoop Kumar Mittal, CMD, NBCC, told ET.

Suraksha ARC, as part of its bid, offered debt asset swap to lenders in addition to an upfront payment of around Rs 20 crore. Suraksha’s debt-asset swap plan does not include the road projects and offers only land parcels. It has offered to complete the projects in three years. An email query to Sudhir Valia of Suraksha remained unanswered until the time of going to press.