Jaypee group offers 2,000 shares to home buy

Jaypee group offers 2,000 shares to home buy:-

Earlier this week, Jaypee group promoter Manoj Gaur made an offer of over Rs 10,000 crore before the lenders of Jaypee Infratech to protect the interest of all stakeholders including financial creditors, home buyers and minority shareholders.

Jaypee group has offered 2,000 equity shares of Jaypee Infratech for free to each home buyer as part of its Rs 10,000 crore proposal to revive the bankruptcy-hit real estate firm, sources said.

Earlier this week, Jaypee group promoter Manoj Gaur made an offer of over Rs 10,000 crore before the lenders of Jaypee Infratech to protect the interest of all stakeholders including financial creditors, home buyers and minority shareholders.

Jaypee Infratech, a subsidiary of Jaypee group's flagship firm Jaiprakash Associates, had in 2007 started development of about 32,000 flats in Noida, of which it has delivered 9,500. It has applied for occupancy certificates to hand over 4,500 flats more.

According to sources, Jaypee group in its fresh proposal has offered 2,000 shares each to every home buyer on first registration. About 4.5 crore shares are estimated to be offered at nil consideration.

That apart, the group proposed to bear 50 per cent of stamp duty on behalf of the home buyers on first registration, they said adding the company plans to deliver all apartments in the next 42 months.

Jaypee Infartech will also pay penalty to home buyers as per the agreement and new realty law RERA, sources said.

Jaiprakash Associates has already deposited Rs 750 crore with the Registry of the Supreme Court and the amount would be utilised for refund to home buyers.

Yesterday, lenders of Jaypee Infratech rejected a Rs 7,350 crore bid by Lakshadweep, the highest bidder for the company, as they found it inadequate.

The decision was taken at a meeting of the Committee of Creditors (CoC) that was called to decide on the bid received from Lakshadweep, whose offer was ranked higher than the one presented by Adani Group.

Last year, the National Company Law Tribunal (NCLT) had admitted the application by an IDBI Bank-led consortium, seeking resolution for Jaypee Infratech under the Insolvency and Bankruptcy Code.

The tribunal had appointed Anuj Jain as Interim Resolution Professional (IRP) to mange the company's business.

Later, Jain invited bids from investors interested in acquiring Jaypee Infratech and completing the stuck real estate projects in Noida and Greater Noida. Consequently, Lakshadweep emerged as a front runner to acquire Jaypee Infratech with Rs 7,350 crore bid.

Jaypee Greens

Source: moneycontrol

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Jaypee Greens Wish Town : Ready for Possession Flats

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Jaypee Greens Wish Town having ready to move in property in form of apartments, individual villas or homes, ready developed plots with all required amenities. Though many of projects here are under - construction and some of them are left for finishing work, projects such as Jaypee Greens Kosmos, Jaypee Klassic, Jaypee Pavlion Court, Imperial Court , Kalypso Court; luxurious apartments are ready to move in. Jaypee Greens Kingswood Villas are almost ready to move in. Kensington Park Plots phase 1 and phase 2nd both are ready and construction of individuals has started there.

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EXCLUSIVE | Lenders reject Lakshadweep’s offer to buy Jaypee Infra, ball now in Supreme Court

The lenders who rejected the offer are IFCI, India Infrastructure Finance, Life Insurance Corp of India, Union Bank of India, Axis Bank, Syndicate Bank and Corporation Bank, a source told Moneycontrol

Most of the lenders of Jaypee Infratech have rejected Lakshadweep Pvt Ltd’s Rs 7000-crore offer to buy Jaypee Infratech as it was found too low, a source told Moneycontrol. The committee of creditors met on Wednesday and lenders accounting for 42 percent of the company’s debt turned down the offer. For the offer to succeed, creditors accounting for 75 percent of the company’s debt had to approve the offer.

The lenders who rejected the offer are IFCI, India Infrastructure Finance, Life Insurance Corp of India, Union Bank of India, Axis Bank, Syndicate Bank and Corporation Bank, the source said.

Lakshadweep was the sole remaining bidder to buy the stressed assets of the Jaiprakash Associates subsidiary. The company has been run by an insolvency professional, appointed by the National Company Law Tribunal, for almost nine months now. Lakshadweep had earlier outpaced Kotak-Realty Cube and the Adani Group to emerge as the highest bidder for the Noida-based real estate developer and Yamuna Expressway operator.

But Lakshadweep’s prospects dimmed after several creditors objected to the offer, saying it was too low for the company. According to a note prepared by IDBI Bank, Jaypee’s largest lender, the company’s actual value stands at Rs 17,111 while its distress value is pegged at Rs 14,548 crore. Lakshadweep’s Rs 7,000 crore bid pegged Jaypee’s value at less than half of IDBI’s distress scenario number.

Jaypee Greens is one of the 12 companies the Reserve Bank of India referred to the National Company Law Tribunal last year as an insolvency case whose day-to-day running needed to be put in the hands of a professional for resolution of its Rs 9,000-crore debt.

Jaiprakash Associates on Monday made a revised bid of Rs 10,000 crore but the creditors can’t consider its offer as the bankruptcy law bars promoters from making a bid for the company.

The Allahabad bench of NCLT that is hearing the case could now ask all the parties to approach the Supreme Court. The Supreme Court meets May 11 to hear the matter before it breaks for a two-month-long vacation.

Source : moneycontrol.com date : 09/05/2018

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