Lenders stare at Rs 3,700-cr hit in offers for debt-laden Jaypee Infratech

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Lenders stare at Rs 3,700-cr hit in offers for debt-laden Jaypee Infratech

Sources said neither is offering any penalty to homebuyers whose houses has been delayed

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NEW DELHI: Lenders to Jaypee Infratech Ltd will have to take a haircut of over Rs 3,700 crore while 20,000 homebuyers will not get paid any penalty for delay in construction of their homes in the takeover proposals brought by Mumbai-based Suraksha Realty and state-owned NBCC for the debt-laden firm.

As against the admitted claims of secured financial creditors of Rs 9,783 crore, Suraksha and NBCC are offering repayment of only 62 per cent of their outstanding dues despite the liquidation value of the company being around Rs 13,000 crore, sources privy to the development said.

The two suitors on December 3 submitted revised offers for the takeover of the debt-laded firm that just a few years back built the country’s first expressway wide enough to allow fighter jets to land in emergency situations.

While bringing in very little cash, the two firms have offered land out of the landbank of Jaypee Infratech to settle some of the dues of the lenders.

Sources said neither is offering any penalty to homebuyers whose houses has been delayed.

Homebuyers got delay penalty during the insolvency but the two bidders, called the resolution applicants under the Insolvency and Bankruptcy Code, are not offering any, they said.

Source- Business Standard.