Mumbai-based security group to invest INR 3,250 crore in the completion of Jaypee Infratechs unfinished projects at Noida-Greater and other places, according to the resolution plan presented to the National Company Law Tribunal (NCLT). The NCLT has approved the resolution plan, clearing the way for the takeover of Jaypees projects. Around 250 towers of Jaypee Infratech are incomplete in Noida-Greater Noida, leaving more than 20,000 flat buyers in the lurch. The resolution plan outlines that all buyers will get their dream home in 3.5 to 4 years.Investment DetailsThe resolution plan includes an investment of INR 125 crore from the security groups equity and an equal amount from other group companies. The group will also raise INR 3,000 crore through loans or other means. The plan specifies a five-year timeline, with INR 5,057 crore to be collected in the first year, including INR 3,250 crore of the companys investment, INR 1,462 crore from Jaypees project, and INR 345 crore from Yamuna toll. The company plans to spend INR 2,473 crore in the first year, INR 2,489 crore in the second year, INR 2,515 crore in the third year, INR 2,097 crore in the fourth year, and INR 1,026 crore in the fifth year.New Project Launch and Land SaleThe security group has planned to raise INR 1,500 crore through the launch of new projects, but sources suggest that it may not be feasible. Instead, there is a proposal to raise funds from JPs vacant land, although the situation is yet to be clarified.Construction and RefundThe plan outlines a spend of INR 5,946 crore to complete Jaypees incomplete construction projects and refund the flat buyers. The company plans to spend INR 2,029 crore in the first year, INR 2,061 crore in the second year, INR 1,092 crore in the third year, and INR 794 crore in the fourth year. The construction work and the buyers refunds will be completed with this money, along with paying the interest on different loans, amounting to INR 1,123 crore.Land and DebenturesJaypee Infratechs lenders have claimed land and debentures worth INR 9,873 crore. The security group has promised a loan of INR 1,280 crore and land worth INR 6,457 crore to these lenders in exchange for the land and debentures.ConclusionThe resolution plan submitted by Mumbais security group to complete Jaypee Infratechs unfinished projects has been approved by the National Company Law Tribunal. The group plans to invest INR 3,250 crore, with an additional investment of INR 1,250 crore from other group companies, and raise INR 3,000 crore through loans or other means. The plan outlines a five-year timeline, with INR 5,946 crore to be spent on construction and refunds. The security group also plans to raise funds through land sales and debentures.
