Jaypee Infra: Market value of Yamuna e-way higher than liquidation value, says NBCC

JIL’s CoC meet on Thursday (June 10) to deliberate on the revised decision plans of NBCC and the consortium led by Suraksha Realty in addition to resolve on the voting course of for acquisition of the bankrupt actual property developer.

NBCC, in a letter to the committee of collectors (CoC) of Jaypee Infratech (JIL) on Wednesday, stated the honest market worth (FMV) of Yamuna Expressway is greater than the liquidation worth projected.

The state-run firm emphasised assenting monetary collectors (AFCs) can realise as much as Rs 4,000 crore for the 90% stake within the e-way SPV being supplied to them as a part of the insolvency decision course of.

JIL’s CoC meet on Thursday (June 10) to deliberate on the revised decision plans of NBCC and the consortium led by Suraksha Realty in addition to resolve on the voting course of for acquisition of the bankrupt actual property developer.

Sources stated the lender’s panel on Monday (June 7) had sought clarification from NBCC on the rationale behind its provide to AFCs and dissenting monetary collectors (DFCs). The PSU replied that in keeping with the interim decision skilled’s (IRP) letter final month, the liquidation worth (LV) of Yamuna Expressway is Rs 3,458 crore.

“NBCC emphasised that the FMV of Yamuna Expressway is estimated to be greater primarily based on Dun & Bradstreet’s June 2019 site visitors research report. It additionally attributed the upper worth to growth of Jewar worldwide airport, upcoming toy and movie metropolis and rising industrial and industrial exercise within the surrounding areas. It’s of the view that lenders can realise Rs 3,500-4,000 crore for his or her 90% stake in expressway,” one of many sources added.

The corporate identified that it’s going to create a separate particular function car (SPV) for the expressway with settlement of operational liabilities upon approval of its bid, he stated

NBCC has supplied to switch 90% fairness of the Expressway SPV, together with concession rights of Yamuna Expressway and land, to AFCs in its revised bid submitted on June 4. It additionally supplied 1,903 acres of land to institutional monetary collectors (IFCs), which incorporates parcels recognized for enforcement of safety curiosity of DFCs whole admitted declare of IFCs is Rs 9,783 crore.

“NBCC stated IRP’s Could 17 letter places LV of 1,903 acre at Rs 3,133 crore. Nevertheless, land monetisation would fetch the next worth of about 40-50% than the LV, within the vary of Rs 4,400-4,700 crore, over a time period. That is because of the Jewar worldwide airport, movie metropolis, toy metropolis and numerous different industrial ventures. The values are primarily based on NBCC’s evaluation,” the supply added.

That is the fourth spherical of the bidding course of within the matter of JIL’s chapter case. The corporate went into the insolvency course of in August 2017 after the Nationwide Firm Legislation Tribunal (NCLT) admitted an utility by an IDBI Bank-led consortium.