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Jaypee: 20 bid to complete Jaypee’s unfinished realty projects

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NEW DELHI: At least 20 bidders, including the JSW-Jaypee Associates combine, Anil Agarwal’s Vedanta Group, Tata Realty, L&T infra, the National Investment and Infrastructure Fund (NIIF), have evinced interest in pumping in over Rs 2,000 crore to complete the pending real estate projects of Jaypee Infrastructure, which is facing insolvency proceedings.

This has given fresh hope to thousands of investors who have been waiting for their properties to be handed over.

Sources told TOI that the expression of interest, for which the last date was October 17, has received a very positive response, including those from the Essel Group, Lodha, IDFC, Deutsche Bank and two asset reconstruction companies.

Based on the interest, the process will be taken forward as the National Company Law Tribunal-appointed resolution professional seeks to work out a solution within the prescribed 180 days.

The Insolvency and Bankruptcy Code provides for a possible extension of another 90 days to resolve an asset, failing with insolvency proceedings are initiated. Under the new law the management is taken over by the resolution professional who oversees the running of the company with a committee of creditors till a solution is found.

The resolution professional as well as the government at the Centre and the state are keen to complete the remaining 25,000-odd apartments, villas and plots that were as long as eight-nine years ago. So far around 7,000 properties have been handed over.

The names were discussed at the committee of creditors on Friday where the surprise bid came from Sajjan Jindal, promoter of JSW, which is expected to acquire a 30% stake in Jaypee Associates and jointly bid to invest in Jaypee Infratech that is facing insolvency proceedings.

The proposal is yet to be formally announced. Jaypee Associates has also been asked to deposit Rs 1,000 in the Supreme Court, which the promoters were finding tough to raise.

The NIIF, which was set up by the government, has also submitted its conditional bid for the expressway project.

The insolvency professional had invited bids from investors willing to pump in at least Rs 2000 crore to complete the 27 projects hit by the insolvency action, most of which are in the Noida-Greater Noida area.

“Talks have been on for the last few weeks between the Gaurs and Jindal and the details including the valuation are being worked out,” a source familiar with the negotiations told TOI.

The details are expected to be finalised over the next four weeks or so, the source added.

The joint bid comes at a time when there is severe criticism of the insolvency process allowing promoters to rebid for companies that are in a financial crisis. Jaypee Associates is the main shareholder of Jaypee Infra, which was brought under insolvency proceedings at the behest of lender IDBI Bank. The bank in turn had been ordered by RBI to initiate action.

Jaypee Infra is the most high profile case given that several middle class households have invested their lifetime savings into buying flats but are now stuck in projects that are running woefully behind schedule. Protests by home buyers has prompted the government to rework rules in a bid to protect them.

Updated: November 11, 2017 — 1:17 am

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