NBCC gets Rs 2,000 cr credit line from HUDCO for Jaypee acquisition

29 May 2021 CW Team

Housing and Urban Development Corporation ( HUDCO) has approved a Rs 2,000 crore credit line to NBCC for acquiring bankrupt Jaypee Infratech (JIL).

NBCC submitted its revised bid to HUDCO on 22 May, with approval from the Ministry of Housing and Urban Affairs (MoHUA). According to the letter received to HUDCO, NCBB requested an LoC for sponsoring Rs 2,000 crore as per its requirement in its revised plan, a source said.

HUDCO approved the NCBB request on Monday, May 24. It informed the PSU that the final approval will depend on submitting a detailed evaluation of its bid and getting it approved by the board of directors, HUDCO said.

According to a senior government official, the procedure is just formalities. HUDCO has already approved the loan. The proposal of NBCC is backed by the MoHUA. They should not have any issue once the revised bid is approved by the JIL's CoC.

On Wednesday, a letter by NBCC to JIL's interim resolution professional (IRP), Anuj Jain, reads that if the lender's panel decides to get the revised bid later this week, the company will submit it, after taking into consideration the observations made by Anuj.

NBCC and the consortium conducted by Suraksha Realty are the two determined applicants who are struggling for more than a year to get the money stated by the real estate builders that went to the Corporate Insolvency Resolution Process (CIRP) back in August 2017.

On Monday, JIL's CoC decided to vote on May 27-28 whether NBCC and Suraksha Realty should provide a week to submit their revised bids. Thursday was the first day of voting concerning this and ended on Friday.

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Also read: Jaypee Infratech acquisition: NBCC, Suraksha to submit revised bids

Also read: Jaypee Infratech acquisition: Suraksha objects to bid submission extension

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