Homebuyers Seek Revision on NBCC’s Latest Bid in Jaypee Infra Insolvency

Homebuyers of Jaypee Infratech want NBCC to acquire the debt-laden firm in an ongoing insolvency process and have asked their representative in a panel of creditors to further negotiate on the bid submitted by the state-owned firm.

P&A Law Offices, which represents and advises nine registered homebuyers associations, has written a letter to Kuldeep Verma, who is an authorized representative of homebuyers in a committee of creditors (CoC).

“The homebuyers unequivocally wish that NBCC should take over the JIL (Jaypee Infratech Ltd). You are hereby instructed to endeavor to negotiate with NBCC so that its revised bid can be voted upon first,” the letter said.

The law firm pointed out that the bid of Suraksha Realty, which is also in the race to acquire JIL, could be first put for the voting process as per the current result of the evaluation of resolutions plans of the two contenders. While negotiating with the NBCC, homebuyers have asked their representative Verma to ensure a claim for delay compensation and no escalation charges.

In the preliminary evaluation report, sources said Suraksha Realty has got 27 points and NBCC 20 points out of 100. NBCC’s score is less as the evaluating agency has not factored in its two offers to lenders. These are the provision of  50 per cent of sales proceeds of unclaimed flats and 75 per cent of 858 acre land, which could be returned back to the JIL by Jaiprakash Associates, they added.

The evaluating agency pointed out that it was difficult to ascribe value as the return of land is contingent and the number of unclaimed flats have not been ascertained.