After his meeting with Jaypee Infratech (JIL) homebuyers last week, Manoj Gaur, JIL s erstwhile promoter, has sweetened his February 2019 resolution plan for the debt-laden company and is now offering `97 crore towards delay compensation, relief on stamp duty, shareholder status in the firm and one-year free maintenance of flats.
On Monday, through a letter Gaur approached JIL homebuyers with his revised resolution plan, saying that the revised offer for settlement would address minimum haircut to banks and reflects his intent to complete the pending housing projects and address delayed compensation. FE has reviewed the letter.
Before this, Gaur wrote two letters to the homebuyers, first on April 13 and the second on April 17. He met the homebuyers on April 19.
Gaur has proposed to deliver homes under Wish Town projects at Noida, Mirzapur and Agra (around 19,197 units) within three years of approval of his plan and the remaining 1,327 units, also at Mirzapur, will be delivered in the fourth year.
In his revised resolution plan, Gaur proposed that a 100-acre land bank worth around `500 crore would be preserved for unforeseen circumstances. This parcel, which would be housed in a JIL Home Owners Trust, would not be sold or mortgaged till the units are delivered. Home-owners of the pending 20,524 units would be the beneficiaries of this trust.
In the April 22 letter, Gaur said after the units are delivered, the land bank would be sold and its proceeds will be disbursed among the homebuyers in proportion to their accrued delay compensation.
Payment of delay compensation (excluding corporate insolvency resolution process period) will be as per the provisional allotment letter (PAL). A sum of 10% of estimated Rs 977 crore of delayed compensation accrued as per PAL (around Rs 97 crore) shall be disbursed towards delay compensation within 90 days of approval plan, Gaur said in his proposal.
He also offered to take over the stamp duty payment of the home-owners and a one-year free maintenance of their units. That apart, additional relief in the form of 2,000 equity shares at nil consideration out of the promoter s holding has also been proposed.
Gaur proposed to form separate overseeing and monitoring committees for swift and transparent implementation of the projects. While the overseeing committee would comprise a retired Supreme Court judge, bureaucrat, technocrat and banker, the monitoring committee would include a member each from the 14 RWAs and three nominees of Jaiprakash Associates (JAL). JIL is a subsidiary of JAL.
The overseeing committee would be tasked with the responsibility of approving the execution plans of the housing units; allocation of funds; ensure payment to contractors and vendors; get independent quality tests through an independent agency and ensure regulatory compliance. On the other hand, monitoring committee would monitor progress of projects, quality of construction and facilitate timely delivery of the flats.