NBCC takes over Jaypee Infratech under revised plans

NBCC in an official statement claimed that it has received government's approval for its revised offer to take over debt-riden developer Jaypee Infratech. In this connection, the ministry has reportedly communicated its decision after consultation with the Department of Expenditure, the Department of Investment and Public Asset Management, and the government's main policy think tank NITI Aayog, as the company formerly had submitted its revised bankruptcy resolution plan for the takeover of Jaypee Infratech last month. NBCC has offered ₹5,000 crore for land parcels (as against the earlier ₹3,000 crore). It has also offered 100% equity of Yamuna Expressway, which is the only cash-generating asset with Jaypee Infratech. NBCC has also offered to sell unsold homes to the secured financial creditors of Jaypee Infratech, which is under debt of ₹9,800 crore. As of now, Suraksha Realty-led consortium's proposal is the only bid approved by the lenders under the insolvency proceedings; the realtor has made an offer for land worth ₹5,000 crore to buy Jaypee Infratech.