In March this year, a bankruptcy court had approved Suraksha Asset Reconstruction Cos (ARC) takeover of the debt-laden property and infrastructure company Jaypee Infratech, dismissing three different appeals against the Rs 7,936- crore resolution bid and rekindling hopes of about 20,000 homebuyers waiting for possession of their promised apartments for nearly a decade.
Idbi Bank: In March this year, a bankruptcy court had approved Suraksha Asset Reconstruction Co’s (ARC) takeover of the debt-laden property and infrastructure company Jaypee Infratech, dismissing three different appeals against the Rs 7,936- crore resolution bid and rekindling hopes of about 20,000 homebuyers waiting for possession of their promised apartments for nearly a decade.
Moreover, home buyers who constitute a majority of the debt are unlikely to support a bid from the very builder which delayed the construction in the first place people familiar with the negotiations said. This offer is too little too late and must not be given importance, they said.
Jaypee Infratech insolvency case: Manoj Gaur s offer a futile exercise, say lenders
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Moreover, home buyers who constitute a majority of the debt are unlikely to support a bid from the very builder which delayed the construction in the first place people familiar with the negotiations said. This offer is too little too late and must not be given importance, they said.
Agencies
Lenders have dismissed
Jaypee Infratech promoters plea to allow them to bid for the debt laden company through a one time settlement because the Supreme Court has clearly narrowed down the choice between Suraksha Asset Reconstruction Co and
"Now with the SC disallowing the use of this money by NBCC, it remains to be seen how the company arranges the money. Both the bids opened today have no cash component. NBCC is offering lenders land and some equity in the Yamuna Expressway project while Suraksha is offering us only land," said a person familiar with the plan.