Haven't seen Jaypee resolution plans, YEIDA clarifies

Haven’t seen Jaypee resolution plans, YEIDA clarifies

NOIDA: Following queries from homebuyers, the Yamuna Expressway Industrial Development Authority (YEIDA) clarified on Friday that it has not read the final proposals of either NBCC or Suraksha, the two insolvency resolution applicants for Jaypee Infratech Limited (JIL).

Homebuyers posed a set of questions with YEIDA via email on June17 after a tweet from NBCC on June 16, saying: “Dear #Jaypee #HBs, we’re in this together! Let’s unite to complete the long pending homes. #YEIDA bound 2 approve #JILResolution & wants plan 2 success. #Talks initiated #IRP informed #SC held separation permissible.”

The separation referred to by NBCC implies a possible delinking of the Yamuna Expressway from other land parcels of JIL in case it is required to be converted into a special purpose vehicle. Homebuyers are currently voting to select either NBCC or Suraksha for the construction of nearly 20,000 Wish Town houses. They have a 10-day voting window that concludes on June 24.

Arun Vir Singh, the CEO of YEIDA, told TOI, “Our legal department has responded to the buyers. We have so far not seen any resolution plan either by NBCC or Suraksha. In fact, we would like to see their proposals to know if they honour the concession agreement between YEIDA and JIL. We had asked for an early involvement in the resolution but have had minimal engagement. We had sent our suggestions some time ago to both companies, but we have not received updates from them. We are in full support of the homebuyers in this matter.”

NBCC has, meanwhile, written to YEIDA. The letter signed by Yogesh Sharma, senior executive director (projects) NBCC, said, “NBCC has never claimed that YEIDA has approved the resolution plan of NBCC as the plan is submitted under CIRP process which does not require any pre-approval from any other government authorities/agencies except committee of creditors of corporate debtor, and to this extent it appears that incorrect facts have been provided to the YEIDA counsel.”