Suraksha Realty offers land parcels worth Rs 7,857 crore
Mumbai-based Suraksha Realty has offered land parcels worth Rs 7,857 crore to the financial creditors of the insolvent Jaypee Infratech along with an upfront infusion of Rs 25 crore. The total repayment to the lenders offered by Suraksha is Rs 7,882 crore, against the Rs 9,782.60 crore claim of the
Published -
Nov 25, 2019 3:50 AM
Mumbai-based Suraksha Realty has offered land parcels worth Rs 7,857 crore to the financial creditors of the insolvent Jaypee Infratech along with an upfront infusion of Rs 25 crore. The total repayment to the lenders offered by Suraksha is Rs 7,882 crore, against the Rs 9,782.60 crore claim of the lenders admitted into the insolvency proceeding. The other contender NBCC (India), in its resolution plan has offered to pay the full amount of Rs 9,782.60 crore through transfer of land bank worth Rs 5,001 crore, transfer of the Yamuna Expressway and half of the profits generated from the sale of unclaimed real estate units among others. Suraksha, in its resolution plan has assured an upfront payment of Rs 25 crore within 90 days of approval through infusion of funds by way of equity. "The funds shall be transferred to the SPV (special purpose vehicle) which shall be further infused into the corporate debtor (JIL) for repayment of the debt," its resolution plan said. The resolution plan lays down several options of structure of the debt land swap, one of them being "simple sub-lease" or direct transfer of land as conveyance and another being "full slump exchange structure".
Tags : News/Views NBCC Jaypee Infratech lenders Suraksha Realty real estate units