Jaypee Infratech buyers need to vote for NBCC and Suraksha to ensure delivery
Over 22,000 homebuyers of realty developer Jaypee Infratech need to vote for both the bidders, state-run NBCC and Suraksha Realty to ensure a resolution to get delivery of their apartments and avoid liquidation of the company. Legal experts believe that the probability of a resolution is high only when homebuyers select both bidders as votes in favour of either of the bidders would lead to higher chances of liquidation. Homebuyers hold nearly 58% voting share in the panel of creditors of Jaypee Infratech, while the balance 42% voting share is with total 13 lenders. The bids need at least 66% votes to ensure the resolution goes through. Both NBCC and Suraksha have revised their bids last week. According to the valuation matrix, gross value of NBCC’s offer is Rs 5,802 crore, while Suraksha Realty’s at Rs 6,440 crore. The report prepared by RBSA Advisors, at the behest of CoC and IRP Anuj Jain, has highlighted that NBCC has proposed to transfer the expressway to lenders as part of its resolution plan, with a debt of Rs 2,200 crore, which will be a liability of lenders and it need to be serviced by them. According to experts, the valuation of expressway at Rs 4,484 crore is on the higher side as the actual offers may not be over Rs 3,000 crore. The report pointed out that NBCC’s plan has mentioned that farmer’s compensation of nearly Rs 1,689 crore if arises shall be borne by ultimate end users including homebuyers, bankers, land owners to whom the land is already sold or will be given hereafter under the resolution.
Tags : News/Views NBCC homebuyers Jaypee Infratech Suraksha Realty Jaypee Infratech buyers Anuj Jain RBSA Advisors