The Adani group is back on that bull for debt-ridden Jaypee Infratech by making a non-binding offer of Rs 500 crore as upfront payment to lenders, employees, and operational creditors.
The committee of creditors (CoC), scheduled to meet on May 30 to consider NBCC’s offer, will also consider the Adani group’s fresh offer.
The Adani group has furthermore offered 1,000 acres to lenders and Rs 1,700 crore to construct houses for homeowners. Of the Rs 500 crore, lenders will receive Rs 23 crore, while the rest of the money will go to the employees and operational creditors. The Adani offer, if accepted by the lenders, would entail a huge haircut on Jaypee Infratech’s Rs 8,000-crore debt.
The Supreme Court had directed in August last year that Rs 750 crore deposited by the Jaypee group in the apex court would be transferred to the National Company Law Tribunal (NCLT) and continue to remain invested and follow directions of the NCLT, Allahabad Bench.
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