About five firms submit expression of interest to complete Jaypee Infratech projects: Sources

The National Company Law Tribunal (NCLT) appointed resolution professional Anuj Jain has so far received around five bids from companies willing to pump in at least Rs 2,000 crore to complete the projects floated by Jaypee Infratech that involves nearly 32,000 apartments, plots and villas.

IDBI Bank in August last year moved the National Company Law Tribunal to commence proceedings against Jaypee Infratech under the Insolvency and Bankruptcy Code.

Among the companies that have submitted their expression of interest include high profile companies such as Adani Group, Sajjan Jindal’s JSW Group, Lodha, Suraksha and Cube, sources said.

Cube Highways is a joint venture of private equity firm I Squared Capital and International Finance Corp (IFC), the private investment arm of the World Bank.

Mumbai-based Suraksha Group provides an integrated security services to various establishments, offices, such as industry houses, factories, industrial estates, housing societies, bungalows etc, within the country.

While some firms are looking at all the assets of Jaypee Infratech, there are others which are interested either in the real estate project or the Taj Expressway or the hospitals.

Sources said Apollo and Radiant Group have bid for the hospital.

The Supreme Court on February 5 refused to stay the bidding process for Jaypee Infratech by the resolution professional, to complete the Jaypee Infratech's residential projects involving apartments, plots and villas.

February 5, 2018 was the last day to submit bids for Jaypee Infratech.

While inviting the bids on October 28, the IRP had set the following criteria for applicants - companies, investment firms and fund houses with a net worth of over Rs 1,000 crore to complete the developer’s delayed projects, including Noida’s Wish Town, by infusing Rs 2,000 crore or more.

# The party to be shortlisted for submitting a plan should be a body corporate with a minimum net worth of Rs 1,000 crore (share capital and free reserves) as on March 31, 2017 (at Group level).

# For investment companies/fund houses, minimum assets under management (or committed funds available) should be Rs 1,000 crore or more.

# The party must have the commitment to satisfy the mandatory requirements of resolution plan and its regulations, the timelines, the process for resolution provided under the IBC, it said.

# The body corporate should also have the ability to execute real estate projects either directly or through joint ventures, contractors etc through a resolution plan to be sanctioned under IBC and it should have the ability to invest Rs 2000 crore or more to complete the construction of the flats.

It should have good financial health and repute and should protect the interests of homebuyers generally, and in particular by timely construction and possession of flats, it said.

# It should also declare if the party is related to JIL.