Jaypee Group Chairman Manoj Gaur makes settlement offer to Jaypee Infrastructure's lenders

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Shortly after DHFL's former promoter Kapil Wadhwan, Manoj Gaur is the latest to make settlement offers for real estate firm Jaypee Infrastructure's lenders.

The offer was made via a letter dated May 23 from Gaur to the interim resolution professional (IRP) of Jaypee Infratech.

As per reports from CNBC-TV18, Gaur proposes to repay the financial creditors in full through upfront payments, land swaps, long term debentures.

Also Read: Jaypee Infratech case: Voting on Suraksha’s plan deferred; IRP declares addendum to NBCC’s bid as non-compliant

After Wadhawan, Jaypee Group Chairman Manoj Gaur has made a settlement offer to Jaypee Infra lenders.

Manoj Gaur makes offer via a letter to the IRP of Jaypee Infra dated May 23. He proposes to repay fin creditors in full via upfront payments, land swaps, long term debentures pic.twitter.com/pnwKbr1GM8

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— CNBC-TV18 (@CNBCTV18Live) May 25, 2021

Gaur's current plan envisages zero haircuts for lenders. Any implied haircut by a creditor would be made good in five years of accepting the plan.

He also proposes to deploy Rs 1,650 crore to complete the homebuyers project, including a Rs 400 crore upfront. Further proposals also include repaying Fixed Deposit (FD) holders as well as YEIDA's outstanding dues.

JIL’s committee of creditors (CoC) proposed on May 24 that both the resolution applicants, the government’s construction arm NBCC and Mumbai-based Suraksha Group, be given seven days’ time to submit revised bids even as the IRP declared that the addendum to NBCC’s final bid is non-compliant, sources said.