NEW DELHI: With the Jaypee Infratech vote going in favour of Suraksha, the Mumbai-based company along with homebuyers and the interim resolution professional are now looking to speed up construction of the long-delayed homes that Jaypee Infratech Ltd was to deliver.
While Suraksha has proposed to hand over the last set of flats within 40 months of receiving an all-clear from the National Company Law Tribunal (NCLT), it is also offering interim finance of Rs 300 crore to ensure that work begins immediately.
“If we can start now, the pace can pick up after Suraksha’s proposal is cleared and more funds come in,” a source told TOI.
The proposal will need to be cleared by the committee of creditors but sources who are part of the key panel said they are looking to step up activity using funds that are lying with the company, which largely is toll revenue from the Taj Expressway, connecting Noida with Agra.
“That should be sufficient to see us through for the next six months.
If the clearance gets delayed, then we will tap into the interim finance offered by Suraksha,” a source said.
Homebuyers, some of whom have been waiting for their homes for as long as a decade, are also keen to ensure that work gets under way and there are no new roadblocks.
“We are discussing how it can be done smoothly,” said Ranjeet Jha, who had booked an apartment in the project and is coordinating with other homebuyers.
Suraksha, if cleared by the principal bench of NCLT, will need to renegotiate contracts with existing suppliers and contractors and should be able to add further speed within 90 days of getting the green light from the bankruptcy court.
Once the approval comes, Suraksha has lined up equity infusion of Rs 125 crore and another Rs 125 crore as loans.
In addition, it has promised to get Rs 3,000 crore from banks as working capital to support construction.
With Suraksha promising not to monetise assets, including the expressway, for construction, it will have to depend on bank finance and toll revenue to complete the work.
After using land to settle the dues of lenders, it will be left with 600-700 acres around Noida, which could be handy in future.
During a meeting with homebuyers, it had promised that till construction is completed, all these funds will be ploughed back to build flats and villas.