In a recent development, sources have revealed that that state-owned firm, NBCC is now ready to ready to negotiate with the Jaypee lenders on their proposal related to unsold flats. However, the firm is still not in favor of diluting other conditions like exemption from tax liability.
As per the sources, after the presentation of revised NBCC bid, the lenders of the Jaypee insolvency case were hesitant on certain conditions like tax exemptions and the issue of unsold flats. The bid said that lenders have to acquire up to 2,207 unsold flats worth Rs 1,756 crore.
Last week, the National Company Law Appellate Tribunal (NCLAT) has canceled the voting by lenders and homebuyers on the revised NBCC bid due to some disapproval on the lender’s side. They have given time till May 30, after which the voting process will again start on May 31. Sources said that this cancellation has led to renegotiations between NBCC and lenders, but only on the unsold flat issue and not on the tax exemptions.
The NBCC in its revised bid offer proposed to infuse Rs 200 crore equity capital, transfer of 950 acres of land worth Rs 5,000 crore and monetization of Yamuna Expressway in order to complete the struck flats by July 2023. However, leaving the homebuyers, all the lenders have disapproved the bid on conditional aspects.
Sharing their concern on this, the IRP Anuj Jain had written to CoC that the NBCC’s bid is not answering some of the key issues like extinguishing of income tax liability and exemption from seeking the consent of YEIDA for any business transfer. On the other hand, NBCC said that they have revised the bid after taking consent from the government authorities due to this, now no changes can be made in the bid.
Jaypee Infratech insolvency case started in 2017 and till now the CoC has rejected bids of Lakshdeep group and Mumbai-based Suraksha Realty.