New Delhi : Jaypee group promoter Manoj Gaur on Monday made a Rs 10,000 crore offer to pay off bank loans and complete the stuck housing projects as part of plans to bring Jaypee Infratech out of bankruptcy, sources said.
The offer, which includes paying part of Rs 9,800 crore debt, giving lenders an equity stake in the company and completing unfinished housing projects, is over 25 per cent higher than the best bid made for Jaypee Infratech at the bankruptcy proceedings.
Sources said Gaur, who had previously sold interest in hydroelectric and cement projects to keep the real estate-to-hospital group alive, made a presentation before the committee of Japyee Infratech lenders here.
They said it is not clear whether the Committee of Creditors (CoC) has accepted the offer as also if the panel would weigh it against the rival offer made by Lakshadweep. Lakshadweep, a joint venture between Sudhir Valia-led Suraksha Asset Reconstruction Company and Mumbai-based Dosti Realty, had made a Rs 7,350 crore bid few weeks back.
Sources said the CoC is likely to deliberate over the bid at its meeting over the next two days. Gaur in his presentation offered a combination of cash, land parcels and equity to lenders through instruments, totalling more than Jaypee Infra’s outstanding debt of Rs 9,800 crore.
Crisis-hit Jaypee group firm Jaypee Infratech is facing insolvency proceedings after it defaulted on loan repayments.
The National Company Law Tribunal (NCLT) had last year admitted the application by an IDBI Bank-led consortium, seeking resolution for Jaypee Infratech under the Insolvency and Bankruptcy Code.
The NCLT had appointed Anuj Jain as Interim Resolution Professional (IRP) to manage the company’s business.
The IRP had invited bids from investors interested in acquiring Jaypee Infratech and completing the stuck real estate projects in Noida and Greater Noida.