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NoidaUnion of : Suraksha Realty And Lakshdeep Investment & FinanceSuccessful Resolution for Distressed Applicants Jaypee Infratech Limited (JIL), is looking to deliver the first set of unfinished apartments in about six months and complete half of the pending projects in about two years.
The timeline submitted by the Mumbai-based group proposes handing over all 24 projects – 15 are in Noida, eight near the Yamuna Expressway and one in Agra – in the next six to 42 months with the plan being approved by the national government. Company Law Tribunal (NCLT).
The idea is to start work on the entire project simultaneously, although there are projects where construction has not started while there are apartments, which can be delivered quickly. This is expected to provide relief to around 20,000 homebuyers who have been waiting for their homes for more than 10 years.
The Rs 12,147-crore resolution plan seeks to address the interests of all stakeholders, including corporate debtors and financial and operational creditors. The group will spend Rs 4,300 crore of the total amount on completion of projects to deliver units to home buyers and issue refunds.
While Suraksha and Lakshdeep declined to comment, the immediate step would be to set up a tribunal-mandated implementation and monitoring committee next week and then bring Rs 3,000 crore of working capital to the table in the next 90 days. The resolution applicant or successful bidder will get Rs 649 crore, while Rs 3,000 crore will be like a rolling credit line, to be tapped as and when required. In doing so, it also has to enter into new contracts for the implementation of the project.
The tribunal has directed constitution of a monitoring committee by the Interim Resolution Professional (IRP) in seven days for expeditious implementation of the resolution plan. Sources said the implementation and monitoring committee will include representatives from Suraksha Realty and Lakshdeep, homebuyers’ authorized representative Kuldeep Verma, interim resolution professional Anuj Jain and an executive from National Asset Reconstruction Company, which has taken over loans from banks and financial institutions.
The NCLT order said, “The Monitoring Committee shall supervise and monitor the progress of construction of units and related infrastructure development on a day-to-day basis and file a progress report before this judicial authority.”
The NCLT ordered that the resolution applicants shall deliver possession of units to home buyers and allottees strictly as promised in the resolution plan. “In the event of non-compliance of any part of this Order or withdrawal from implementation of the resolution plan by the successful resolution applicant, the Monitoring Committee shall forfeit the performance bank guarantee and the performance security submitted by the resolution applicant in the form of successful resolution applicant. shall be subject to such other action/actions as permissible under law,” the order read.
Suraksha, its associates and joint ventures have experience in construction and delivery of a total of 12 projects in Mumbai and Thane covering an area of 66.3 million sq. ft. It is also invested in the renewable energy sector. The group is also involved in reviving 19 other stressed projects around NCR with a salable area of around 20 million sq ft.
The accepted claims of homebuyers are Rs 12,806 crore. Homebuyers are also required to pay them within the stipulated time frame mentioned in the contract and additional grace period.
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