NBCC to submit revised bid to acquire Jaypee Infratech by April 25:-
NBCC to submit revised bid to acquire Jaypee Infratech by April 25:-
Noida Expressway is prime location where people are feeling like holiday resorts in their residences, because the planning of housing societies is very comfortable and close to the nature. The huge open spaces for greenery and sports facilities are available here. Jaypee Greens is developing the greatest landmarks here Jaypee Greens Wish Town, luxurious projects such as Kristal Court, Pavilion Court, Kalypso Court located at sector 128 Noida, located next to Golf Course.
At present time, many prestigious builders and developers are developing several exclusive group housing societies in Noida as the city has a lot to offer to its esteemed residents. Projects in this city are privileged with all the modern day amenities, comforts and conveniences which you always dream of before buying your home.
Builders are providing many facilities here in projects such as car parking, club houses, sports facilities and multi level security systems. Here we talk about the iconic development by Jaypee Greens where residents would be having a feeling of largeness and green open spaces which is a distinctive element of Jaypee Wish Town.
Golf Course is an attraction of Jaypee Wish Town where surrounding its many projects is either near to possession or handed over to the residents.
Affordable projects such as Jaypee Kosmos, Klassic etc are offering 2BHK / 3 BHK / 4 BHK apartments in Wish Town Noida to their clients a chance to experience an ultimate lifestyle. The stunning views from the rooms allow them to relish nature at leisure.
Jaypee Wish Town, Ready to Move in Apartments:-
There are some projects are ready to move in at Jaypee Greens Wish Town where hundreds of families has shifted and living peacefully. The apartments here in the Jaypee Wish Town are premium with modern lifestyle. The society is a gated community with the best security and functional amenities such club etc.
Jaypee Greens Wish Town having connectivity advantage: The location of Noida Greater Noida expressway is emerging with the rest of NCR through this expressway, now improving the location due to the projects in Jaypee Greens Wish Town and other projects at this location, are ready to move in so property buyers are moving to this location.
MUMBAI: Real estate developers Tata Housing and the Lodha Group have filed initial bids for debt-laden realtor and road builder Jaypee InfratechBSE 1.49 %, the fate of which is now being decided at the Supreme Court and the National Company Law Tribunal (NCLT), the country’s dedicated platform for insolvency resolution.
Two people familiar with the bidding process told ET that both property companies are keen to own Jaypee’s Yamuna Expressway, a prime concrete road project that starts at the eastern end of Noida-Greater Noida Expressway and runs up to Agra. The Yamuna Expressway carries heavy traffic at a toll of slightly more than Rs 2 a kilometre for a car.
The property’s richest attraction is its extensive land bank, with facilities either proposed or already functioning in the immediate vicinity of the access-controlled motorway.
Rs 2,000 Crore Needed
India’s only operational Formula One racing track is located along the road, while the site of the capital region’s second proposed airport is close to the first toll gate from the Greater Noida end. Next to the motorway is one of the biggest urban .. campuses of a state-run university, while the mega convention centre hosting the annual Auto Expo is also adjacent to the expressway.
ET reported on January 4 that the Reserve Bank of India has ordered banks not to initiate bankruptcy proceedings against Jaiprakash AssociatesBSE 5.30 %, the parent of Jaypee Infratech, in likely anticipation of legal complications after a Supreme Court ruling barred its promoters from selling or transferring assets. The court ruling followed an appeal by homebuyers after IDBI Bank filed to start insolvency proceedings in August against Jaypee Infratech.
Jaypee Group managing director Suren Jain and the Lodha Group declined to comment on the bids for Jaypee Infratech. Tata Housing didn’t respond to ET’s queries.
While there appears to have been a big response, it’s to be seen how many of the initial expressions of interest translate into binding offers, sources said. A binding bid comes with a commitment from an interested party to purchase the assets.
“The bidders, apart from purchasing the assets, need to infuse around Rs 2,000 crore to complete the projects already taken up by Jaypee Infra,” said one of the two persons cited above.
The NCLT Allahabad bench admitted IDBI’s insolvency proceedings against Jaypee Infratech in August as it had failed to repay Rs 526 crore of loans. NCLT had appointed Anuj Jain as the interim resolution professional (IRP) to carry out proceedings under the Insolvency and Bankruptcy Code. But in September, the Supreme Court stayed the process after Jaypee Infratech homebuyers appealed.
“If real estate properties are free from litigation, it makes sense for renowned industry players to bid for such assets,” said Mamta Binani, former president of the Institute of Company Secretaries of India and an insolvency professional herself. “Any premium road project or swanky housing properties should generate good returns over a period of time if they are operated in the right fashion.”
The company’s total debt on its books was about Rs 8,300 crore, with an interest overdue of Rs 1,400 crore, as on March 31 last year. The group is now in the process of filing a resolution plan before the Supreme Court, which is expected to ensure a debt restructuring process, enabling the defaulting borrower to meet its obligation.
Jaypee Greens Wish Town some projects are ready to move in such as Jaypee Kosmos, Jaypee Klassic
Adani, Hindujas join race for Jaypee Infra:-
Points to be noted:
NEW DELHI: At least three high-profile bidders — Adani Group, Hindujas and Sajjan Jindal’s JSW Group — have entered the fray to invest in Jaypee Infratech, taking the number of suitors past 20.
The move comes as Jaiprakash Associates, which holds a majority stake, has been virtually ruled out of the race to stay in control of the company facing insolvency proceedings. Jaypee Greens company Jaypee Infratech is yet to deliver around 25,000 flats in Noida and also manages the Taj Expressway that connects the Delhi suburb with Agra.
JSW had earlier submitted a joint proposal with Jaiprakash Associates and was in talks to acquire around 30% stake. Sources told TOI that the fresh offer is on a standalone basis and makes the company one of the top bidders for the 12 high-profile companies facing action under the Insolvency and Bankruptcy Code (IBC). The Sajjan Jindal Group is eyeing Bhushan Steel and Monnet Ispat among companies on the block as part of the insolvency crackdown ordered by the Reserve Bank of India.
The interest from three big players will offer comfort to Jaypee Infratech lenders.
Jaypee assets: Companies eye Taj Expressway
The Ordinance promulgated last week was seen to result in less aggressive bidding in Jaypee after promoters of companies that have been nonperforming assets (NPAs) for over a year were made ineligible to submit bids under the 180-day resolution process.
The insolvency professional is looking at investors to raise Rs 2,000 crore for completion of the flats and villas. At the last meeting of the committee of creditors there was also a proposal for lenders to pump in Rs 500 crore to resume construction but a decision was deferred with the banks eyeing funds from the new investors.
Several prominent players such as Tata Realty, L&T Infra, Anil Agarwal’s Vedanta Group, Lodha, IDFC and the government-promoted National Infrastructure Investment Fund (NIIF) had responded to the insolvency professional’s notice seeking interest from potential investors. While several of the companies are looking at all the assets of Jaypee Infratech, there are some which are interested either in the real estate project or the Taj Expressway. For long, it had been speculated that the Adani group will be a bidder for Jaypee Infratech.
The fresh bids come at a time when the insolvency professional is preparing an information memorandum in the run up to the bidding process.
But unlike the past, the credentials of all bidders are also being checked to ensure that they do not attract provisions of the Ordinance, which will make them ineligible.
Jaypee Greens wish town is a project in which ready to move in apartments are available.
SC asks Jaypee to deposit Rs 275 crore by December 31; freezes assets of 13 Jaypee directors, promoters:-
Trouble seems to be brewing for debt-ridden Jaiprakash Associates Limited as the Supreme Court on Wednesday ordered the company to payback all dues to homebuyers and warned its directors and promoters from alienating their properties as well as the assets of their family members. The real estate firm, however, deposited a demand draft of Rs 275 crore with the Supreme Court bench.
Several hundred people have been left in the lurch after the National Company Law Tribunal (NCLT), on August 10, admitted the IDBI Bank’s plea to initiate insolvency proceedings against the company for defaulting on a Rs 526-crore loan. The bench asked the company’s 13 directors, including five promoters of embattled JAL, not to alienate their personal properties and asked the firm to deposit Rs 150 crore and Rs 125 crore by December 14 and December 31, respectively.
A bench comprising Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud further restrained the directors from alienating the properties of their immediate family members also and cautioned that any violation of its directive would hold them liable for criminal prosecution. Meanwhile, the bench-appointed lawyer Pawan Shree Agrawal as amicus curiae and asked him to set up within a week, a web portal, which would contain all details, including grievances of the hassled homebuyers.
Senior advocates Mukul Rohatgi and Ranjit Kumar, who appeared on behalf of the directors, including independent and promoters, said they have filed affidavits in pursuance of earlier direction asking them to give details of their personal properties. Senior advocate Kapil Sibal, appearing for the real estate company, said adequate time should be given to the firm for arranging money or otherwise it may go the Sahara way. The bench has now posted the plea of homebuyers for further hearing on January 10 and directed all the directors to appear again before it on that date.
Homebuyers, including one Chitra Sharma, had moved the apex court saying that around 32,000 people had booked their flats and are now paying installments. The top court had on September 4 stayed insolvency proceedings against the real estate firm at National Company Law Tribunal (NCLT). Flat buyers, under the Insolvency and Bankruptcy Code of 2016, do not fall in the category of secured creditors like banks and hence they can get back their money only if something is left after repaying the secured and operational creditors, Sharma, in her plea, said.
The company is facing insolvency proceedings for not being able to payback more than Rs 2,000 crore to homebuyers. On November 9, the apex court had refused to give Jaiprakash Associates more time to deposit Rs 2,000 crore in parts, saying the group must submit a sizable amount, such as Rs 1,000 crore, to show their bonafide before asking for an extension. The company is developing more than 30,000 flats in Noida, most of which are incomplete. Homebuyers have been protesting against inordinate delays in completion of the projects. The Supreme Court had on Wednesday rejected the Jaypee group’s plea to let it hive off the rights of multi-crore sixlane Yamuna Expressway connecting Greater Noida with Agra in order to raise funds to repay the homebuyers.
The group had approached the court seeking permission to hive off the rights of the expressway and recall the September 11 order in which the court had asked it to deposit Rs 2,000 crore to refund home buyers. However, IDBI Bank had opposed the plea on the ground that the Yamuna Expressway did not belong to the Jaypee Greens the Group and the concession agreement with the government was not transferable. The counsel for Yamuna Expressway Industrial Development Authority had also informed the court that the rights under the concession agreement for the expressway project were non-transferable.
Supreme court is involved in the insolvency case of Jaypee Greens Wish Town project so buyers must have the a positive hope.