Jaypee Infra: NBCC offers Rs 62 cr for home buyers seeking refund

New Delhi:  State-run construction major NBCC (India) in its resolution plan for the insolvent Jaypee Infratech (JIL) has said it would pay a total of Rs 62.40 crore to those homebuyers who have sought a refund of their considerable amount towards allotment of flats instead of the delayed unit.

However, the total amount admitted for payment to the refund seekers is Rs 79 crore.

According to sources, as per the resolution plan, NBCC has offered to pay 20 percent of the total refund amount in the first 90 days from the approval of its bid.

It would pay the balance amount in “equal proportion over a period of four years from the date of upfront payment — 20 percent annually for four years”, sources said adding that the annual payments shall not bear any interest.

It would not pay any further amount to any other refund seeker or a person claiming to be a refund seeker, as per its plan.

According to its plan, NBCC’s rationale behind the payment mechanism for the refund seekers is that they would be treated similarly as home buyers.

The Navratna company has assured to deliver all the pending flats as per its delivery schedule. If a unit is not delivered even after the expiry of 1 year from the due dates, NBCC would pay a delayed penalty of Rs 5 per square feet per month to the home buyers.

Further, NBCC has determined the expected delivery schedule on the assumption that home buyers would make all payments in a timely manner.

It submitted its plan on Sunday and the other bidder in the fray is Mumbai-based Suraksha Realty.

The committee of creditors (CoC) of the insolvent Jaypee Infratech (JIL) on Monday discussed the revised resolution plans of NBCC and the Suraksha Realty. It will meet again on November 28.

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 the Suraksha would be considered by the CoC for completing pending projects.

Softening the resolution plan, the state-run NBCC has offered 1,426 acres of land worth Rs 5,001 crore of the bankrupt company to its financial creditors, sources said. It had earlier offered around 950 acres to the banks.

Further, reversing its offer on the unsold inventory, the NBCC has decided to keep the unsold units of JIL with itself and monetize them on its own, rather than leaving it to bankers.

(IANS)