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NCLAT opens doors for Adani, others to bid for Jaypee Infratech

NCLAT opens doors for Adani, others to bid for Jaypee Infratech

NEW DELHI: An appellate tribunal has asked counsel for lenders of

Jaypee Infratech

to provide terms and conditions for new resolution plans, opening the doors for new applicants including

Adani

Infrastructure for acquiring the debt-ridden real estate company.

The committee of creditors of Jaypee Infratech had rejected a resolution plan by state-owned construction firm NBCC with lenders unanimously voting against the plan. Homebuyers form around 60% of CoC while 13 lenders constitute the remaining 40%. Jaypee Infratech has total outstanding debt of around Rs 9,800 crore and has failed to deliver flats to over 23,000 homebuyers.

A two-member bench of the National Company Law Appellate Tribunal led by Justice SJ Mukhopadhaya on Wednesday directed counsel for lenders to provide terms and conditions that any new resolution plan must follow, indicating that the option to bid on Jaypee Infratech may once again be open to any interested parties including Adani Infrastructure that had approached CoC with an offer for the company. The bench, however, said it would require any resolution plan to meet certain conditions, including providing flats to all homebuyers according to the original terms of the builder-buyer agreements.

“Specification and contract terms cannot be changed,” it said. “Same allottee shall be allotted flat or premises in term of agreement. Where allottee is not present then it will be open to CoC to decide how that asset is to be adjusted.” The bench also said any applicant would have to meet the condition that any land attached to buildings or common areas meant for the use of homebuyers would remain with them.

The bench also asked counsel for Adani Infrastructure to improve and refile its bid. Adani group had submitted a nonbinding proposal to lenders of Jaypee Infratech, offering to infuse Rs 1,700 crore in fresh equity and begin delivery of flats to homebuyers within nine months, according to submissions by counsel for the lenders. The group has also offered to pay Rs 1,000 crore to settle dues of workmen and financial creditors.

Lenders were of the view that this plan was superior to the plan submitted by NBCC, which had proposed to infuse Rs 200 crore as equity to finish incomplete projects by 2023 and transfer 950 acres of land worth Rs 5,000 crore to lenders.

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