New Delhi, May 29
Business conglomerate Adani Group has made an unsolicited and non-binding bid to acquire Jaypee Infratech and is ready to infuse up to Rs 1,700 crore to expedite the construction of stuck housing projects of the debt-laden realty firm and deliver flats to home buyers, sources said.
Adani has promised to infuse another Rs 1,000 crore in two equal tranches of Rs 500 crore each to settle claims of workmen as well as secured and unsecured financial creditors, besides meeting cost for insolvency proceedings. It will also transfer 1,000-acre land to bankers to swap debt with assets.
Adani Group had participated in the first round of insolvency process but did not bid in the current round within the fixed timeframe.
However, the group later expressed interest to bid for Jaypee Infratech, the subsidiary of Jaypee Group’s flagship firm Jaiprakash Associates.
Now, Adani Infrastructure and Developers Pvt Ltd has submitted an “unsolicited” and “non-binding” resolution plan to Jaypee Infratech’s Interim Resolution Professional (IRP) Anuj Jain, sources said.
The IRP has called a meeting of the Committee of Creditors (CoC) tomorrow for further discussion on the resolution plan submitted by state-owned NBCC.
The consideration of Adani’s bid is not on the agenda of the CoC meet, sources said, but added that lenders and home buyers could decide to take up discussion on the offer during the meeting.
If the Supreme Court and National Company Law Tribunal (NCLT) permit, the amount of Rs 750 crore deposited by Jaiprakash Associates Ltd for protection of home buyers could also be utilised for payment of balance penalties/interest, Adani said in its offer. — PTI
To infuse Rs 1,000 crore to settle claims
- The group has promised to infuse another Rs 1,000 crore in two tranches of Rs 500 crore each to settle claims of workmen as well as secured and unsecured financial creditors, besides meeting cost for insolvency proceedings
- Adani Group will also transfer 1,000-acre land to bankers to swap debt with assets
- On penalty/interest for possession delay, Adani has offered to pay 25% of such amount to buyers, as mutually agreed, in respect of penalties/interest payable to home buyers as accrued on August 9, 2017, the date when Jaypee Infratech went bankrupt
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