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New Delhi, State-owned <keyword id="159757" type="General" weightage="20" keywordseo="NBCC" source="Orion">NBCC</keyword> (India) Ltd has reported a 16 per cent decline in its consolidated net profit to Rs 81.90 crore for the second quarter of this fiscal due to provisioning for expected loss in a Gurugram housing project. Its net profit stood at Rs 97.72 crore in the year-ago period. The total income, however, rose to Rs 2,129.09 crore during the July-September period of 2023-24 from Rs 2073.89 crore in the corresponding period of the previous year, a regulatory filing said on Thursday. The company's consolidated net profit increased to Rs 159.31 crore in the September 2023 quarter against Rs 92.87 crore in the year-ago period. Its total income rose to Rs 4,094.90 crore in the first six months of this fiscal from Rs 3,927.13 crore in the corresponding period of the previous year. A preferred partner of the government for infrastructure projects, NBCC's 93.22 per cent of business revenue comes from the PMC (project management consultancy) segment and redevelopment works on a consolidated basis. The company is also into real estate development. NBCC's profit declined during the September quarter despite a rise in the total income due to an exception item of provisioning of losses of Rs 65.39 crore. In notes of account, NBCC said that "the group has made an additional provision for expected loss of Rs 6,539.19 lakh against sale of flats/units/interest/cost of stamp duty and registration charges for execution of title deed of flats/units in the favour of group at the quarter and six months ended on September 30, 2023". The matter is related to its residential real estate project 'NBCC Green View', Sector - 37 D, Gurugram. NBCC had sold 392 units (255 flats, 126 EWS and 11 shops) out of 942 units and had received a total amount of Rs 210.12 crore, out of which Rs 159.57 crore was recognised as revenue in the previous year and Rs 40.48 crore were booked as advance from allottees till March 31, 2022. "Subsequently, the buildings in the project exhibited structural cracks. The group received many complaints and representation from some of the homebuyers. Group appointed IIT Delhi to look into the matters," the filing said. IIT Delhi, in its report dated October 6, 2021, advised that the buildings must be vacated within two months in view of the safety of the occupants and further advised to get the feasibility of repairs re-examined. Thereafter, a committee of experts from IIT Roorkee and CBRI Roorkee (Central Buildings Research Institute) was constituted for structural assessment of this project in furtherance to the report of IIT Delhi. "This expert committee opined that no repair/restoration method seems economically viable and safe in the long term. It is recommended to demolish the structure," NBCC said. Further, a review panel of two retired SDGs of CPWD was constituted, which also concurred with the recommendation given by the expert committee. "In view of the advice from the experts and considering the safety of the residents, the buildings were evacuated completely with the help of the District Administration under Disaster Management Act," NBCC said. The company, in its board meeting held on June 21, 2022, accorded the approval to settle with all the homebuyers/allottees by way of buyback of their flats/units by paying the total amount received from the allottees against the sale of flats/units amounting to Rs 210.12 crore and the cost of stamp duty and registration charges paid by them amounting to Rs 9.73 crore. Accordingly, the offer letter for the buyback of their flats/EWS units/shops was communicated to all homebuyers/allottees through posts and mails. "In view of the uninspiring response from the buyers against the first and second buyback offer of the group, the Board in its 529th meeting held on August 18, 2023, decided to reconsider the same in order to arrive at an amicable settlement," NBCC said. Accordingly, the Board of Directors has accorded in-principal approval to settle with all the homebuyers/allottees by way of buyback of their flats/units by paying the total amount received from the remaining allottees against the sale of flats/units amounting to Rs 195.39 crore and the cost of stamp duty &amp; registration charges paid by them amounting to Rs 9.11 crore and simple interest of 6 per cent per annum on the total receipts (excluding stamp duty and registration charges) amounting to Rs 105.79 crore reckoned from the date of receipt of each payment made till the approval date, August 18, 2023. In addition, Rs 12.24 crore (approximately) is estimated to be incurred towards the cost of stamp duty and registration charges for execution of title deed of flats/units in the favour of the group. "Accordingly, the group, in its submission to the National Consumer Disputes Redressal Commission (NCRDC) on October 6, 2023, submitted its willingness to refund the entire amount received from complainants with simple interest at 6 per cent per annum from the date of respective deposits," NBCC said.

NBCC Q2 2023-24 net profit falls 16% to Rs 82 cr on provisioning for loss in Gurugram housing project

New Delhi, Dec 16 () Majority of homebuyers and many lenders, including IDBI, have voted in favour of state-owned NBCC bid to acquire debt-laden realty firm Jaypee Infratech in an ongoing insolvency process, sources said.
The simultaneous voting to bids of both the contenders - NBCC and Mumbai-based Suraksha Realty - started on Dec 10 and ended tonight at 11.59 pm.
As many as 13 banks and over 23,000 homebuyers have voting rights in the Committee of Creditors. Buyers have nearly 58 per cent votes. For a bid to be approved, 66 per cent votes are required.
According to sources, most of the home buyers have voted in favour of NBCC, while some lenders including IDBI and IIFCL too supported the resolution plan of NBCC. 
Final voting result is yet to be declared. 
This is the third round of bidding process, initiated on the direction of the apex court.
Jaypee Infratech's Interim Resolution Professional (IRP) had admitted homebuyers' claim amounting to over Rs 13,000 crore and lenders claim of nearly Rs 9800 crore.
In their latest bid, Suraksha Realty has offered Rs 190-crore cash and 2,320-acre land to lenders. NBCC has offered 1,526 acres of land to lenders.
On Yamuna Expressway, NBCC has proposed to transfer the road asset to lenders but before that it would take loan of around Rs 2,500 crore against toll revenue to fund construction spend. Suraksha will keep expressway.
For homebuyers, NBCC has proposed to complete about 20,000 flats in three and half years, while Suraksha in three years.
Suraksha Realty has also kept aside Rs 250 crore worth of land for paying penalty to homebuyers for past delays.
In Jaypee Infratech, NBCC has offered to infuse Rs 120 crore, while Suraksha Rs 25 crore as equity.
Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal admitted an application by an IDBI Bank-led consortium.
Anuj Jain was appointed as an Interim Resolution Professional to conduct insolvency process and also manage the affairs of the company.
In the first round of insolvency proceedings conducted last year, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. The Committee of Creditors rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
The matter reached the National Company Law Appellate Tribunal and then the apex court.
On Nov 6, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty. MJH ABH

Majority of homebuyers, some lenders vote in favour of NBCC bid to acquire Jaypee Infra

New Delhi, Dec 13 () Jaypee Infratech's homebuyers association has urged all flat owners and lenders to vote in favour of state-owned NBCC's bid to acquire debt-laden realty firm as the public sector firm has experience to develop large projects and townships in the national capital region.
 NBCC and Suraksha Realty are in the race to acquire Jaypee Infratech through the ongoing insolvency process.
 On December 7, a committee of creditors (CoC) decided that homebuyers and lenders of Jaypee Infratech will vote on the bids of NBCC Ltd and Suraksha Realty at the same time. The voting process started on December 10 and will continue till December 16.
 As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have around 58 per cent votes. For a bid to be approved, 66 per cent votes are required.
 "Homebuyers want successful resolution; they are not averse to the plan of either of the two bidders/resolution applicants. However, there are certain essential criteria that steer NBCC much ahead in comparison to the other bidder," said Aaditya Gutgutia, who is the spoksperson for the consortium of nine associations of home buyers.
 The consortium of nine registered associations of homebuyers is known as '9A'.
 "Jaypee Wishtown Noida is a huge project comprising of 25,000 unfinished flats. Only NBCC has the experience of developing townships and large building complexes in the NCR. The support of the government and its navratna PSU status has instilled confidence in the 25,000 beleaguered homebuyers," he said in a statement.
 The association urged those homebuyers who are scattered across various cities and have not been able to keep pace with the developments, to vote for the resolution plan of NBCC. It also asked lenders to take a pragmatic view and support the NBCC plan.
 Earlier, sources had said Suraksha got nearly 44 score in the evaluation matrix, while NBCC got nearly 43 and 22.5 marks in two scenarios.
 This is the third round of bidding process, which has been initiated on the direction of the apex court.
 In its latest bid, Suraksha Realty further improved its bid to acquire Jaypee Infratech by offering more land and upfront cash to lenders. It has increased upfront payment to lenders to Rs 190 crore from Rs 175 crore offered in its revised offer submitted on December 3. The land-debt swap deal has also been improved to 2,320 acre from 2,220 acre.
 NBCC has offered 1,526 acres of land to lenders in its revised bid.
 On Yamuna Expressway, NBCC has proposed to transfer the road asset to lenders but before that it would take loan of around Rs 2,500 crore against toll revenue to fund construction spend. Suraksha will keep expressway.
 For homebuyers, NBCC has proposed to complete about 20,000 pending flats in three-and-a-half years, while Suraksha in three years.
 Suraksha Realty has also kept aside Rs 250 crore worth land for paying penalty to homebuyers for past delays.
 In Jaypee Infratech, NBCC has offered to infuse Rs 120 crore as equity, while Suraksha Rs 25 crore.
 Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
 Homebuyers' claim amounting to over Rs 13,000 crore has been admitted by interim resolution professional (IRP) Anuj Jain, while banks' claim is worth Rs 9,800 crore.
 In the first round of insolvency proceedings conducted last year, Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders.
 The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
 The matter reached the National Company Law Appellate Tribunal (NCLAT) and then the Supreme Court. On November 6 this year, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty. MJH HRS

Jaypee homebuyers' body urges flat owners, bankers to vote for NBCC bid in insolvency process

New Delhi, Dec 17 () Jaypee Infratech's financial creditors, including lenders and homebuyers, have approved the bid of state-owned NBCC to acquire the debt-laden realty firm under insolvency process, according to sources.
They said that NBCC's resolution plan has been approved by the Committee of Creditors (CoC) with 97.36 per cent voting.
This is the third round of bidding process to find a buyer for Jaypee Infratech, which went into Corporate Insolvency Resolution Process (CIRP) in August 2017.
The successful resolution will provide a big relief to over 20,000 homebuyers across various housing projects launched by Jaypee Infratech in Noida and Greater Noida (Uttar Pradesh) for many years.
NBCC has proposed to complete these pending projects in the next three-and-a-half years. 
The simultaneous voting to bids of both the contenders --- NBCC and Mumbai-based Suraksha Realty -- ended late Monday night.
As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have nearly 58 per cent votes and lenders 42 per cent. For a bid to be approved, 66 per cent votes are required. 
According to sources, most of the homebuyers and lenders voted for NBCC. 
Jaypee Infratech's Interim Resolution Professional ( IRP) Anuj Jain had admitted homebuyers' claim amounting to over Rs 13,000 crore and lenders' claim of nearly Rs 9,800 crore. 
In its latest bids, NBCC offered 1,526 acres to lenders under land-debt swap deal.
On Yamuna Expressway, NBCC has proposed to transfer the road asset to lenders but before that it would take loan of around Rs 2,500 crore against toll revenue to fund construction spend. 
For homebuyers, NBCC has proposed to complete pending about 20,000 flats in three-and-a-half years, while Suraksha in three years.
Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
Anuj Jain was appointed as an Interim Resolution Professional to conduct insolvency process and also manage the affairs of the company.
In the first round of insolvency proceedings conducted last year, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then the apex court.
On November 6, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty. MJH MKJ

Jaypee Infra insolvency: Lenders, home buyers approve NBCC's bid

New Delhi, Jan 6 () Jaypee Infratech's Interim Resolution Professional Anuj Jain has filed an application before the National Company Law Tribunal (NCLT), Allahabad, to approve the bid of state-owned NBCC to acquire debt-laden realty firm through insolvency process, sources said.
 Last month, NBCC won the bid to acquire Jaypee Infratech after financial creditors, including lenders and homebuyers, approved its resolution plan.
 NBCC's resolution plan was approved by the committee of creditors (CoC) with 97.36 per cent votes in favour.
 This was the third round of bidding process to find a buyer for Jaypee Infratech, which went into the corporate insolvency resolution process (CIRP) in August 2017.
 The successful resolution will provide a big relief to over 20,000 distressed homebuyers across various housing projects launched by Jaypee Infratech in Noida and Greater Noida (Uttar Pradesh).
 NBCC has proposed to complete these pending projects in the next three-and-a-half years.
 Jain had admitted homebuyers' claim amounting to over Rs 13,000 crore and lenders' claim of nearly Rs 9,800 crore.
 In its resolution plan, NBCC has offered 1,526 acres to lenders under a land-debt swap deal.
 On Yamuna Expressway, NBCC has proposed to transfer the road asset to lenders but before that it would take loan of around Rs 2,500 crore against toll revenue to fund construction spend.
 Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium.
 Jain was appointed as an IRP to conduct the insolvency process and also manage the affairs of the company.
 In the first round of insolvency proceedings conducted last year, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
 The matter reached the National Company Law Appellate Tribunal (NCLAT) and then the apex court.
 On November 6, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days. MJH HRS

Jaypee Infra's IRP approaches NCLT Allahabad for approval of NBCC's bid

New Delhi, Dec 9 () Mumbai-based Suraksha Realty on Monday expressed confidence that bankers and home buyers will vote in favour of its bid to acquire bankrupt realtor Jaypee Infratech, saying that the company has substantially improved its resolution plan to maximise the value for financial creditors. 
A Committee of Creditors (CoC) on Saturday decided that homebuyers and lenders of Jaypee Infratech will vote on the bids of state-owned NBCC Ltd and private sector firm Suraksha Realty at the same time.
Voting process will start on December 10 and end on December 16. 
"We have worked very hard since last 1.5 years and are only player who has submitted resolution plans in all three rounds. We are fully committed to fulfill each and every commitment made under our resolution plan," Suraksha ARC MD and CEO Aalok Dave told .
Suraksha Realty is owned by Sudhir Valia, the brother-in-law of Sun Pharma promoter Dilip Shanghvi.
"We feel public sector banks being institution have larger responsibility to maximize value for lenders and home buyers as the main objective of IBC (Insolvency and Bankruptcy Code) is to maximize value out of assets of the corporate debtor. 
"We believe after substantial improvements for both home buyers and banks, we will get full support and positive vote from home buyers and banks as our offer is maximizing value for them," he added.
Dave said the company believes that it would get better score on evaluation matrix. 
According to sources, Suraksha is believed to have got nearly 44 score in the evaluation matrix while the NBCC has got nearly 43 and 22.5 marks in two scenarios. 
This is the third round of bidding process, which has been initiated on the direction of the apex court.
In its latest bid, Suraksha Realty further improved its bid to acquire Jaypee Infratech by offering more land and upfront cash to lenders. 
It has increased upfront payment to lenders to Rs 190 crore from Rs 175 crore offered in its revised offer submitted on December 3. The land-debt swap deal has also been improved to 2,320 acre from 2,220 acre. 
NBCC has offered 1,526 acres of land to lenders in its revised bid.
On Yamuna Expressway, NBCC has proposed to transfer the road asset to lenders but before that it would take loan of around Rs 2,500 crore against toll revenue to fund construction spend. Suraksha will keep expressway.
For home buyers, NBCC has proposed to complete pending about 20000 flats in three and half years, while Suraksha in three years. 
Suraksha Realty has also kept aside Rs 250 crore worth land for paying penalty to homebuyers for past delays.
In the Jaypee Infratech, NBCC has offered to infuse Rs 120 crore, while Suraksha Rs 25 crore.
As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have around 58 per cent votes. For a bid to be approved, 66 per cent votes are required. Homebuyers claim amounting to over Rs 13,000 crore has been admitted by Interim Resolution Professional (IRP) Anuj Jain, while banks claim is worth Rs 9,800 crore.
During the meeting of the CoC on Saturday, sources had said that ICICI and Axis Bank opposed the decision to put both the resolution plans to vote at the same time as they wanted the bid of highest bidder (H1) to be the first.
However, lenders could not finalise on H1 and H2 (second highest bidder) and therefore decided to opt for simultaneous voting.
If bids of both the parties are approved in the voting process, then winner will be decided on the basis of higher vote numbers, the sources had said.
Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
In the first round of insolvency proceedings conducted last year, Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders.
The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then the Supreme Court.
On November 6 this year, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty. MJH MJH MR
MR

Suraksha Realty hopeful of getting favourable vote of lenders, homebuyers on Jaypee bid

Kolkata, Battery and flashlight major <keyword id="166960" type="General" weightage="20" keywordseo="Eveready-industries" source="Orion">Eveready Industries</keyword> India Ltd (EIIL) on Tuesday reported a 73.5 per cent increase in consolidated net profit to Rs 25.44 crore for the second quarter of the current fiscal on easing input cost. The city-based company had posted a net profit of Rs 14.73 crore in the corresponding quarter last fiscal, the company said in a regulatory filing. Revenue from operation during the July-September quarter was lower by three per cent to Rs 364.9 crore as compared to Rs 375.7 crore in the year-ago period. Operating EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin improved to 12.7 per cent from 11.4 per cent in the second quarter of the 2022-23 fiscal. Eveready Industries said the revenue performance was nearly flat owing to the distribution revamp, which is expected to normalise in the coming quarters. Battery-operated flashlights continued to degrow despite healthy growth in rechargeable category, it said. "Favourable trends in key raw materials and stability in exchange rate created suitable conditions for margin expansion," the company said in a statement. "Our emphasis to grow within our existing business mix saw us successfully execute a very complex route to market in our distribution structure," Eveready Industries Managing Director Suvamoy Saha said. The initial moderation in uptake in batteries is expected to resolve in the coming quarters as stocks get replenished via more efficient pathways, he said. In its revamp journey with the new management under the Dabur family, Eveready has also unveiled a new logo and a tagline, aiming at wooing the new generation of consumers.

Eveready Q2 FY'24 net profit jumps 73% on easing input cost

Mumbai, <keyword id="6357096" type="General" weightage="20" keywordseo="Mahindra-Mahindra" source="Orion">Mahindra &amp; Mahindra</keyword> (M&amp;M) on Friday said its consolidated profit after tax grew 6 per cent to Rs 2,348 crore in September quarter 2023-24. The Mumbai-headquartered company had posted a PAT of Rs 2,209 crore in the July-September period of last fiscal, M&amp;M said in a statement. Revenue grew 15 per cent year-on-year to Rs 34,436 crore in the second quarter this fiscal, it added. The company said it witnessed robust performance across all businesses except Tech <keyword id="45224" type="General" weightage="20" keywordseo="Mahindra" source="Orion">Mahindra</keyword> which was impacted by weak demand and exits from non core accounts. "During second quarter, operating performance across auto, farm and services was robust. Auto rapidly grew to double its operating profit. Farm continues to be resilient despite tough market conditions," M&amp;M Managing Director &amp; CEO Anish Shah said in a regulatory filing. Tech Mahindra had a tough quarter, the company is now initiating the transformation journey in the business, he added. In the automotive sector, the company said its revenue grew 20 per cent year-on-year to Rs 18,869 crore in the September quarter. "We delivered yet another robust performance in this quarter. We have maintained our SUV revenue market share at 19.9 per cent while further improving our auto standalone PBIT margins," M&amp;M Executive Director &amp; CEO (Auto and Farm Sector) Rajesh Jejurikar said. In the tractor business, the company increased its market share by 150 basis points on the back of new launches of Oja, Swaraj Target and Naya Swaraj, he added. In volume terms, the company said it sold 2,12,078 vehicles in the quarter under review, as compared to 1,79,673 vehicles in the year-ago period, a growth of 18 per cent. Tractor sales were at 89,101 units in the quarter under review, as compared with 92,590 units in the same period a year ago, down 4 per cent. On a standalone basis, the company said its PAT grew by 67 per cent to Rs 3,452 crore in the second quarter as compared with Rs 2,068 crore in the same period last year. Shares of the company were trading 1.84 per cent down at Rs 1,524.60 apiece on the BSE.

Mahindra Q2 2023-24 PAT up 6% at Rs 2,348 cr

IBM just released its second-quarter earnings. The stock immediately dipped slightly. It reported:<ul><li>Earnings per share (adjusted) of $2.79, versus of estimates of $2.74 EPS. </li><li>Revenues of $19.29 billion, versus estimates of $19.47 billion. </li></ul>Developing...Get the latest IBM stock price<a href="http://markets.businessinsider.com/stock/ibm-Quote"> here.</a> <h3>NOW WATCH: <a href="http://www.businessinsider.com/what-nasa-do-with-us-military-budget-2017-7">Here's what NASA could accomplish if it had the US military's $600 billion budget</a></h3> Please enable Javascript to watch this video

IBM misses on Q2 revenues

New Delhi, Nov 23 () Homebuyers of Jaypee Infratech want NBCC to acquire the debt-laden firm in an ongoing insolvency process and have asked their representative in a panel of creditors to further negotiate on the bid submitted by the state-owned firm. 
P&amp;A Law Offices, which represents and advises nine registered homebuyers associations, has written a letter to Kuldeep Verma, who is an authorised representative of homebuyers in a committee of creditors (CoC). 
"The homebuyers unequivocally wish that NBCC should take over the JIL (Jaypee Infratech Ltd)....You are hereby instructed to endeavour to negotiate with NBCC so that its revised bid can be voted upon first," the letter said.
The law firm pointed out that the bid of Suraksha Realty, which is also in the race to acquire JIL, could be first put for voting process as per the current result of evaluation of resolutions plans of the two contenders. 
While negotiating with the NBCC, homebuyers have asked their representative Verma to ensure claim for delay compensation and no escalation charges. 
In the preliminary evaluation report, sources said Suraksha Realty has got 27 points and NBCC 20 points out of 100.
NBCC's score is less as the evaluating agency has not factored in its two offers to lenders. These are provision of 50 per cent of sales proceeds of unclaimed flats and 75 per cent of 858 acre land, which could be returned back to the JIL by Jaiprakash Associates, they added.
The evaluating agency pointed out that it was difficult to ascribe value as return of land is contingent and number of unclaimed flats have not been ascertained. 
However, sources said that lenders could get Rs 2,000-2,500 crore from NBCC's these two offers. 
NBCC and Suraksha Realty are expected to submit final bids after negotiations with the financial creditors which include lenders and homebuyers. The final bids could be evaluated again before putting on vote.
Jaypee Infratech's Interim Resolution Professional (IRP) has called a meeting of the CoC for further discussion on the bids.
As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have nearly 60 per cent votes. For a bid to be approved, 66 per cent votes are required.
To settle an outstanding claim of nearly Rs 9,800 crore to bankers, the NBCC has offered 1,426-acre land worth Rs 5,000 crore, 75 per cent of 858-acre land to be transferred to Jaypee Infratech and 50 per cent of the sale proceeds of benami or unclaimed flats. From the sale proceeds, receivables from earlier buyers and any expenses related to tax/duties/ legal will be deducted.
Sources had said that there are about 3,000 such unclaimed units.
The public sector firm has proposed to transfer the Yamuna Expressway, which connects Noida and Agra, to the lenders, but before that it plans to take Rs 2,500 crore debt against the expressway for completion of over 20,000 flats in the next four years.
Meanwhile, Suraksha Realty has offered 1,934 acres worth Rs 7,857 crore to lenders. It proposed to bring in Rs 2,000 crore as working capital to complete construction in the next three years and will retain the Yamuna Expressway with itself.
The Mumbai-based developer has proposed to complete flats in the next three years.
On delays compensation, NBCC has proposed Rs 5 per sq ft per month to be payable after grace period of one year from the scheduled delivery date, while Suraksha has offered Rs 10 per sq ft post grace period of 9 months.
Suraksha Realty has proposed that any liabilities towards farmers compensation would be extinguished and not passed on to homebuyers, while NBCC has stated that it should be collected from end user including homebuyers and development authority.
That apart, Suraksha Realty has proposed to set aside Rs 100 crore worth land for the welfare of homebuyers.
Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
In the first round of insolvency proceedings conducted last year, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then the apex court.
On November 6, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty. MJH MKJ

Jaypee Infra insolvency: Homebuyers seek further negotiation on NBCC's revised bid

New Delhi, Nov 28 () Lenders of <keyword id="6367819" type="ORGANIZATION" weightage="20" keywordseo="jaypee-infratech">Jaypee Infratech</keyword> on Thursday asked state-owned <keyword id="159757" type="COMPANY" weightage="20" keywordseo="NBCC">NBCC</keyword> Ltd to offer more land with clear title and debt-free Yamuna Expressway, while homebuyers want compensation for huge delay in completion of flats, sources said. NBCC and Mumbai-based <keyword id="599049" type="ORGANIZATION" weightage="20" keywordseo="Suraksha-Realty">Suraksha Realty</keyword> are in race to acquire Jaypee Infratech through insolvency proceedings. They submitted fresh bids on November 17 as per direction of the Supreme Court. A meeting of Committee of Creditors (CoC) was held here to negotiate with the two contenders. In the meeting, sources said bankers sought many clarifications from NBCC on its resolution plan and asked it to sweeten the bid.
 To settle an outstanding claim of nearly Rs 9,800 crore to bankers, NBCC has offered 1,426 acre land worth Rs 5,000 crore.
 That apart, it has offered 75 per cent of 858 acre land, which has been pledged by promoter Jaiprakash Associates Ltd and is likely to be transferred back to Jaypee Infratech.
 Moreover, NBCC will share 50 per cent of the sale proceeds of benami or unclaimed flats. From the sale proceeds, receivables from earlier buyers and any expenses related to tax/duties/ legal will be deducted.
 Yamuna Expressway, which connects Noida to Agra, will be transferred to lenders, but before that NBCC has proposed to take Rs 2,500 crore debt against the expressway for completion of over 20,000 flats in the next four years.
 During the meeting, bankers asked NBCC to provide more land with clear title and withdraw its offer related to benami flats and pledged land, the sources said.
 Lenders also asked that the expressway should be transferred to them without any debt obligation, they added.
 The NBCC official told bankers that their demand will be communicated to the top management.
 However, the NBCC official asserted that the public sector has already met all previous demands of lenders made in May, including the increase in land-debt swap deal to 1,426 acre from 950 acre.
 NBCC board could meet tomorrow to discuss the demand and finalise its resolution plan. The deadline for submission of final bid is December 3.
 Homebuyers representative demanded that delay compensation should be paid to home buyers as promised by Jaypee Infratech. The compensation for future delays should be as per realty law RERA.
 Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
 Anuj Jain was appointed as an Interim Resolution Professional to conduct insolvency process and also manage the affairs of the company.
 In the first round of insolvency proceedings conducted last year, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
 The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then the apex court.
 On November 6, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty.
 As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have nearly 60 per cent votes. For a bid to be approved, 66 per cent votes are required. Homebuyers claim amounting to over Rs 13,000 crore has been admitted.
 Meanwhile, Suraksha Realty has offered 1,934 acres worth Rs 7,857 crore to lenders. It has proposed to bring in Rs 2,000 crore as working capital to complete construction in the next three years and will retain the Yamuna Expressway with itself.
 The Mumbai-based developer has proposed to complete flats in the next three years. MJH BAL

NBCC and Mumbai-based Suraksha Realty are in race to acquire Jaypee Infratech

New Delhi, Nov 22 () Lenders of Jaypee Infratech will meet on November 28 for further discussions on bids submitted by state-owned NBCC and Mumbai-based Suraksha Realty to acquire the debt-laden realty firm in the ongoing insolvency process. 
In a regulatory filing, Jaypee Infratech's Interim Resolution Professional (IRP) Anuj Jain said "a meeting of Committee of Creditors will be held on 28th November, 2019." The agenda of the meeting was not disclosed.
 However, sources said lenders will continue discussions with both the contenders.
 Earlier this week, the Committee of Creditors (CoC) discussed the fresh bids submitted by NBCC Ltd and Suraksha Realty, which were sought as per the direction of the Supreme Court. This is the third round of bidding.
In the meeting held on November 18, senior officials of NBCC and Suraksha Realty made their presentations before the CoC and highlighted main features of their resolution plans to revive Jaypee Infratech.
NBCC and Suraksha might be asked to submit their final plans after the next CoC meet on November 28 and voting process could be conducted before December 10.
As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have nearly 60 per cent votes. For a bid to be approved, 66 per cent votes are required.
To settle an outstanding claim of nearly Rs 9,800 crore to bankers, NBCC has offered 1,426 acre land worth Rs 5,000 crore, 75 per cent of 858 acres land to be transferred to Jaypee Infratech and 50 per cent of the sale proceeds of benami or unclaimed flats. From the sale proceeds, receivables from earlier buyers and any expenses related to tax/duties/ legal will be deducted.
Sources had said that there are about 3,000 such unclaimed units.
The public sector firm has proposed to transfer the Yamuna Expressway, which connects Noida and Agra, to the lenders, but before that it plans to take Rs 2,500 crore debt against the expressway for completion of over 20,000 flats in the next four years.
Sources had said NBCC has pegged the value of 640 acres land (75 per cent of 858 acres) at around Rs 2,500 crore, while the Yamuna Expressway has been valued at Rs 2,000 crore after deducting the debt.
Meanwhile, Suraksha Realty has offered 1,934 acres worth Rs 7,857 crore to lenders. It proposed to bring in Rs 2,000 crore as working capital to complete construction in the next three years and will retain the Yamuna Expressway with itself.
The Mumbai-based developer has proposed to complete flats in the next three years.
On delays compensation, NBCC has proposed Rs 5 per sq ft per month to be payable after grace period of one year from the scheduled delivery date, while Suraksha has offered Rs 10 per sq ft post grace period of 9 months.
Suraksha Realty has proposed that any liabilities towards farmers compensation would be extinguished and not passed on to homebuyers, while NBCC has stated that it should be collected from end user including homebuyers and development authority.
That apart, Suraksha Realty has proposed to set aside Rs 100 crore worth land for the welfare of homebuyers.
 Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
In the first round of insolvency proceedings conducted last year, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then the apex court.
On November 6, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty. MJH ABM

Jaypee Infra insolvency: Lenders to meet on Nov 28 for further discussions on NBCC, Suraksha bids

New Delhi, Dec 2 () Mumbai-based Suraksha Realty, which is in the race with state-owned NBCC to acquire bankrupt Jaypee Infratech, is likely to offer additional cash and land to lenders, and higher delay penalty compensation to homebuyers to make its final resolution more lucrative for financial creditors, sources said.
 NBCC Ltd is also actively considering offering more land to lenders and reduce timeline for completion of about 20,000 flats.
 In the last meeting of the committee of creditors (CoC) held on November 28, lenders asked NBCC and Suraksha Realty to make a final offer by next Tuesday (December 3) after revising their earlier bids.
 According to sources, Suraksha Realty is likely to increase the upfront payment to lenders from its current offer of Rs 25 crore. Under the land-debt swap deal, the company is considering to increase the offer of land parcels in value terms. Currently, it has offered 1,934 acres of land worth Rs 7,800 crore.
 For homebuyers, Suraksha Realty is looking to set aside more land for payment of delay compensation as against its current proposal to earmark land worth Rs 100 crore for this purpose.
 The company has proposed to bring in Rs 2,000 crore as working capital to complete construction in the next three years and will retain the Yamuna Expressway with itself.
 On Sunday, sources had said NBCC in the final bid could withdraw its offer related to unclaimed flats and pledged land. In lieu of these two offers, it might provide more land parcels, over and above 1,426 acre offered in its latest resolution plan.
 NBCC is also considering to reduce the timeline to complete pending projects from its current offer of giving possessions in four years.
 To settle an outstanding claim of nearly Rs 9,800 crore to bankers, NBCC in its bid submitted last month offered 1,426 acre land worth Rs 5,000 crore. That apart, it offered 75 per cent of 858 acre land, which has been pledged by promoter Jaiprakash Associates Ltd and now claimed by Jaypee Infratech.
 Moreover, NBCC offered to share 50 per cent of the sale proceeds of unclaimed flats after deducting receivables from earlier buyers and any expenses related to tax, duties and legal.
 Yamuna Expressway, which connects Noida to Agra, will be transferred to lenders, but before that, NBCC has proposed to take Rs 2,500 crore debt against the expressway for completion of pending flats.
 Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
 Anuj Jain was appointed as an interim resolution professional to conduct insolvency process and also manage the affairs of the company.
 In the first round of insolvency proceedings conducted last year, Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
 The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then the Supreme Court.
 On November 6, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty.
 As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have nearly 60 per cent votes. For a bid to be approved, 66 per cent votes are required. Homebuyers claim amounting to over Rs 13,000 crore has been admitted. MJH HRS

Jaypee Infra case: Suraksha may offer more cash & land to lenders, higher penalty to buyers

New Delhi, Mar 2 () State-owned construction firm NBCC (India) on Monday said it has bagged an order worth 64.83 crore from Bharat Heavy Electrical Limited (BHEL) in Jharkhand. In a filing to BSE, NBCC said it will execute this project on engineering, procurement and construction mode. "This is to inform that NBCC (India) Limited has received an order from BHEL for construction of... reinforced concrete single steel flue chimney with borosilicate glass block lining system of 660 MW each (3 numbers) at North Karanapura STPP, Jharkhand," the company said. The total project cost is Rs 64.83 crore, NBCC said. Shares of the company were trading 3.03 per cent higher from their previous close at Rs 27.20 apiece on BSE. ABI ANSANS

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