NBCC assures Jaypee customers to deliver 70% units in 30 months

Jaypee home buyers, trapped in homes for more than a decade, on May 7, held a lively discussion with NBCC officials who assured them that the government’s construction arm would deliver 70% units within 30 months once the settlement plan was lifted.

“The NBCC has included some of the recommendations that we have submitted to the decision-making process that it presented on April 28, 2021. One of them includes a good service delivery plan. They have reduced delivery times and will be bringing in 70% (around 13,000) units in 30 months. All units, including plots to be deployed within 42 months, ”
Work will start in three months after receiving all the permits and if there are no other cases, ”consumers were told at a webinar led by PK Gupta, CMD, NBCC and board members and the JIL team with discussions / suggestions on the Jaypee Infratech decision process.

The NBCC also proposed the establishment of a single window repair program that will help resolve home consumer grievances. A single window repair program will be installed after the transfer date, ”they were told.

It can also be thought of representing home buyers on the steering committee, informed.
Suraksha Group held a meeting with local buyers on May 2, 2021.

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The Jaypee Infratech acquisition process could be delayed for a month and the decision process could be extended as Interim Resolution Professional (IRP) Anuj Jain went to the Supreme Court seeking an extension of the company’s monthly cash redress (CIRP) process.

In an application filed with the Supreme Court, the IRP said the completion of the resolution within 45 days had become impossible due to the current increase in the COVID-19 epidemic and the restrictions imposed by various provinces, sources said.
The IRP convened the 17th meeting of the Lender Committee (CoC) on April 12, 2021 to discuss the resolution plans presented by the NBCC and Suraksha. Both the NBCC and Suraksha had submitted their settlement plans on April 28. At the CoC meeting on April 17, the lenders had asked the NBCC and Suraksha to develop their application and provide more international parcels under the international debt agreement. They had also asked consumers to clarify the management of dissenting lenders.

The 19th meeting of the CoC was convened on April 29, 2021.

On March 24, the Supreme Court ordered the interim decision-maker Jaypee Infratech to summon renewed or brand new plans from Suraksha Realty and the state-run NBCC to complete the 45-day trial. The timeline ends on May 8th.

The Supreme Court also ruled that the Rs 750 crore deposited by Jaypee Associates would not go to Jaypee Infratech and that the NBCC would not be allowed to use it for construction.

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It stated, “However, the final treatment of this $ 750 interest on accrued interest will be determined by the NCLT after the reconciliation of accounts between JAL and JIL and the ordering of the contents of this decision”.

Jaypee Infratech’s debt-laden lenders, including banks and domestic consumers, met on April 29 to discuss the review plans submitted by the two organizations. The case involved more than 20,000 buyers who anxiously awaited the completion of their homes for more than a decade.

The NBCC has reviewed its request to donate 1,903 acres of parcels of land, mainly in Noida and Greater Noida in Uttar Pradesh. The NBCC has allocated an additional 377 hectares of land in the event that dissenting debtors are dissatisfied with their initial provision of 1,526 hectares. In the Yamuna Expressway, the NBCC has proposed a 82 percent equity contribution to road goods to lenders and will keep an 18 per cent share.

The Suraksha group has set aside 1,486 hectares for non-compliant lenders in the entire global parcels provided in the proposal, sources said, adding that the company has offered to provide more land in the event of a shortage.

This is the fourth round of the company’s debt settlement process.

In November 2019, the high court ordered the completion of the Jaypee Infratech debt within 90 days and a revised resolution plan that would only be invited by the NBCC and Suraksha Realty.

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Voting in December 2019 was the third round of bidding process for the buyer of Jaypee Infratech, who entered the Corporate Insolvency Resolution Process (CIRP) in August 2017.

The NBCC then plans to complete the expected 20,000 apartments for housing projects initiated by Jaypee Infratech in Noida and Greater Noida (Uttar Pradesh). Claims of domestic buyers amounting to Rs 13,364 crore and applications of creditors worth Rs 9,783 crore were accepted.
According to its application in December 2019, the NBCC has granted 1,526 hectares of land to lenders under a land loan agreement. In the Yamuna Expressway, the NBCC has proposed the transfer of road assets to lenders but before that, it could take a loan of up to R2,500 million compared to construction financing fees.

More than 10,000 buyers and Jaypee Infratech’s major lenders, including IDBI Bank and State Bank of India, voted in favor of the decision-making process presented by the government’s arm to build the NBCC to acquire the real estate company. The CoC, which includes 13 banks and an estimated 21,000 consumers, approved the NBCC resolution process with a 97.36 percent vote in favor of the third round of bidding process.

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In the same cycle, Suraksha Realty in Mumbai has improved its bid for Jaypee Infratech by donating more land and money in advance to sponsors. It increased its previous payment to lenders to 190 rupees from 175 rupees, and the size of the world debt transfer has improved to 2,275 hectares from 2,220 hectares in the final agreement released on December 3.

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