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Jaypee Infra promoter asks CoC to consider his settlement offer
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SME Times News Bureau | 25 May, 2021
Jaypee Infratech's former promoter and Jaiprakash Associates Chairman,
Manoj Gaur has urged the Interim Resolution Professional (IRP) and the
Committee of Creditors (CoC) to consider his settlement offer.
Noting
that the CoC is well aware of the offer made in July 2019 before the
Supreme Court, Gaur said in a letter to IRP Anuj Jain, that his
settlement plan would entail with no haircut and settle claims of all
stakeholders.
"However, even then if any financial creditor is of
the view that it provides for any haircut in any manner, we undertake
that such shortfall (if any) will be made good from the operations of
JIL within 5 years of acceptance," he added.
As per Gaur's offer,
the settlement of secured financial creditors is proposed to be done by
way of upfront payment, land swap and long terms debentures with a
total value of around Rs 12,500 crore. The total liability of banks and
financial institutions is Rs 9,783 crore.
He further said that
deployment of funds for home construction shall be of Rs 1,650 crore,
out of which Rs 400 crore shall be upfront.
The settlement plan also offers additional benefits including delay compensation as per terms of sale would be Rs 2,987 crore.
Gaur's offer also assures repayment of FDs and outstanding dues of YEIDA in full.
Referring
to the bids of NBCC and Suraksha ARC, he wrote: "Voting on a
non-compliant plan of a resolution applicant and accepting haircut
despite knowing the worth of assets of JIL and ignoring the offer of its
promoters is not only imprudent but will set an extremely wrong
precedent."
In his letter dated May 23, marked to the members of
the CoC, Gaur has requested the IRP to place the letter before the CoC
for consideration and defer voting on the resolution plan, which was
scheduled to start on Monday, May 24.
The voting on process on the resolution plan of Suraksha ARC, however, has been deferred by the CoC, till Friday, May 28.
The
decision was taken by the committee in a meeting on Monday to discuss
whether NBCC's resolution plan should be considered. The voting on the
Suraksha group's bid was scheduled to start at 12 p.m. on Monday and go
on till 5 p.m. on Thursday.
The CoC is now scheduled to meet on
May 28 to decide on giving more time to both the resolution applicants
-- Suraksha, and the NBCC.
If more than 51 per cent of the CoC
members decide on May 28 to take revised plans from both the applicants,
then both applicants will get time to submit fresh applications till
June 4, otherwise Suraksha's plan will be put to vote on May 28.
Earlier
on Monday, the NBCC wrote to the IRP and lenders including home buyers
urging them to examine its resolution plan with "lot of objectivity and
diligence and put it up for voting to CoC members".
The state-run
construction major also said that it reserves its "right to take
recourse required, if any, before the appropriate forum of law as and
when necessary".
The CoC approved the Suraksha group's bid on May
20 and rejected the NBCC's bid citing non-compliance with the
Insolvency and Bankruptcy Code (IBC).
The NBCC submitted an addendum after its bid was rejected.
According
to people in the know, JIL's IRP had submitted a report in the CoC
meet, stating that the NBCC plan was non-compliant to the IBC.
The development came after the Supreme Court in April ordered submission of fresh plans by NBCC and Suraksha.
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