In a fresh attempt to retain control over its realty arm, Jaypee Infratech, crisis-hit Jaypee Group’s promoters on Friday apologised to thousands of distressed home buyers, and promised to infuse ₹2,000 crore to complete pending apartments over the next four years.
This proposal was made to home buyers at a meeting called by Jaypee group chairman Manoj Gaur as part of efforts to seek flat owners’ support for resolving the crisis, and delivering 20,524 pending units.
Jaypee Infratech, a subsidiary of Jaypee group flagship firm Jaiprakash Associates Ltd (JAL), is undergoing insolvency proceedings.
State-owned NBCC and Suraksha group are in race to acquire Jaypee Infratech. JAL has also submitted its plan but the same is not being considered by lenders at this stage.
To solicit the support of its homebuyers, who have now got a voting rights for approval of any resolution plan under the Insolvency and Bankruptcy Code, the Jaypee group chairman on Friday invited flat owners to discuss the proposal submitted by it. The group said it will put in ₹1,500 crore in an escrow account, and also attach a 100-acre land parcel worth ₹500 crore to deliver these flats within four years.
Additional funds would come from home buyers as well as sale of unsold housing units worth ₹4,000 crore, said Jaypee Group advisor Ajeet Kumar.
After the interaction, flat owners gave mixed response to the group’s proposal. Some termed it as lie and fraud, while others were ready to give another chance to the company.
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