The meeting lasted for over two hours. Homebuyers were represented by their authorised representative Kuldip Verma.
Lenders of embattled firm Jaypee Infratech met on November 27 to discuss the evaluation criteria, process memorandum and the expression of interest received by five companies to take over the firm and complete construction of projects. The next meeting is expected to be held in the next seven to eight days, sources told Moneycontrol.
Sources said the evaluation matrix will be put to vote at the next meeting. The bidding process and schedule would also be firmed up in the next meeting.
"The evaluation matrix and the process document was discussed at the meeting. The resolution professional gave an update on the EOIs received," sources said.
The meeting lasted for over two hours. Homebuyers were represented by their authorised representative Kuldip Verma.
Banks held an informal meeting with home buyers in the evening and may meet to discuss the evaluation matrix shortly, sources said. "The IRPs evaluation matrix does not cater to the construction of homes and how finances will be raised. Banks have their own evaluation criteria. There was no common ground on this front," homebuyers claimed after the meeting.
Five companies -- NBCC, Kotak Investment, L&T Infrastructure, Singapore-based Cube Highways and Suraksha group -- have shown interest in taking over Jaypee Infratech, which is facing bankruptcy proceedings in the National Company Law Tribunal (NCLT).
Sources said that L&T Infrastructure may not be invited for bidding as the company is only given a conditional bid for taking over Yamuna Expressway project.
Evaluation matrix is a set of parameters shared with all the bidders based on which their bids are evaluated. These parameters include aspects such as which firm is bringing in how much cash, who has real estate competency, who has the net worth, the turnaround capability and so on.
A process note shares the details of how the bidding process is expected to pan out, the time duration after which bids would be called, when would negotiations take place among others.
Earlier, the company had postponed the CoC meeting slated for November 20.
In October, after creditors of Jaypee Infratech (JIL) approved a proposal to invite bids for the embattled company, the interim resolution professional (IRP) Anuj Jain had invited expressions of interest for resolution plans from companies.
The last date for submitting the expressions of interest was November 9.
This is the second time that the resolution process has commenced. The first time round, there were three bidders in the race to buy Jaypee Infratech - Lakshadweep, Adani group and Kotak Realty Fund-Cube Highways. Only Lakshadweep, a joint venture of Sudhir Valia-led Suraksha Asset Reconstruction Company and Mumbai-based Dosti Realty, was left in the fray, but its Rs 7,000 crore offer was ultimately rejected by a committee of creditors for being too low.
In the second resolution process, L&T Infrastructure Development Projects said it is only interested in 165-km Yamuna Expressway and not the development of land parcels attached to the expressway belonging to JIL.
In a filing to BSE on November 20, state-owned NBCC said it has submitted the EoI for submitting a resolution plan for JIL and the company has been provisionally shortlisted by IRP as prospective resolution applicant of JIL. Suraksha Asset Reconstruction has also shown interest along with its entities Lakshdeep Investments and Finance and Suraksha Realty.
The NCLT had on August 10, 2017, admitted IDBI Bank’s plea to initiate insolvency proceedings against the JIL for defaulting on Rs 526-crore loan. While admitting the plea of IDBI Bank, the NCLT had appointed Anuj Jain as IRP to manage the company’s business.
vandana.ramnani@nw18.com
