NBCC, Suraksha submit sweetened final bids for Jaypee Infra

State-run NBCC and Mumbai-based Suraksha Realty on Tuesday submitted their final resolution plans for acquisition of the insolvent Jaypee Infratech Ltd (JIL).

The Committee of Creditors (CoC) of the realty firm had sought clarifications and asked both the companies to sweeten their offers in its last meeting on November 28.

Sources said that in its final bid, Suraksha has offered 2,200 acres of land to the banks, enhanced from its previous offer of 1,900 acres. It has also increased its upfront payment to the banks to Rs 175 crore from Rs 25 crore. It has also enhanced its offer for the home buyers, by setting aside Rs 250 crore worth of land as compensation for delay, against the previous offer of land worth Rs 100 crore.

People in the know further said that Suraksha has also submitted a letter of support for technical and operational work from the JSW Group for completing the pending housing projects of Jaypee Infratech.

NBCC, on the other hand, has offered over 1,500 acres of land to lenders as against its earlier proposal of 1,426 acres. The lenders had asked NBCC, formerly known as National Buildings Construction Corporation Ltd, to offer 1,903 acres.

This is the third time that resolution plans have been sought to acquire and complete the projects -- over 20,000 flats -- of Jaypee Infratech.

The Supreme Court had on November 6 ordered completion of the JIL insolvency resolution process (IRP) within 90 days and said only the resolution plans of the NBCC and Suraksha would be considered by the CoC for completing pending projects.-IANS