Jaypee Infra lenders asks NBCC to offer 1,903 acres

The lenders of the insolvent Jaypee Infratech Ltd have asked NBCC (India) to offer more land and the Yamuna Expressway without any debt, sources said.

People in the know said that lenders have now sought 1,903 acres, against its offer of 1,426 acres.

The committee of creditors (CoC) of the bankrupt company met here on Thursday, whereby the lenders sought several clarifications from the state-run construction major.

NBCC, in its bid, has offered 1,426 acre land worth Rs 5,001 crore to the banks. It has offered 100 per cent shareholding of the Yamuna Expressway SPV (special purpose vehicle) including the concession rights of Yamuna Expressway and 4,798 acres of land.

Further, it has also offered 75 per cent of Jaypee Associates' mortgaged land, which is likely to be transferred to the Jaypee Infratech Ltd.

The dues aggregating to the banks stand at Rs 9,782.60 crore.

NBCC has already enhanced its land offering to the lenders to 1,426 acres from 950 acres in its previous bid.

Further, the distressed home buyers also have asked the Navratna company to shorten the timeline for completion of projects and to earmark more land for compensation for the delays to home buyers.

Both NBCC and Mumbai-based Suraksha Realty have to submit their revised bids, if any, by December 3 and the voting process on the resolution plans for the bankrupt company is scheduled to start on December 8 and would go on till December 11.

( With inputs from IANS )