Following its Rs 10,000 crore proposal to revive the bankruptcy-hit real estate firm,  Jaypee group has reportedly offered 2,000 equity shares of Jaypee Infratech to each home buyer. The shares are proposed to be offered for free when it is currently trading at Rs Rs 6.20 on the National Stock Exchange. Also Read - Supreme Court Directs Jaypee Infratech to Include Homebuyers in Insolvency Proceedings; NCLT to Conclude Proceedings in 180 Days

As of March 2018, promoters hold 61 percent share in Jaypee Infratech while the remaining is with the public. Life Corporation of India holds 3.52 percent while IDBI Bank holds 1.99 percent stake in the company. Experts fear increased public holding in Jaypee Infratech might create hurdles while resolving the bankruptcy case. Also Read - Cabinet clears ordinance for amendments to bankruptcy code

Last year National Company Law Tribunal (NCLT) started bankruptcy proceedings against Jaypee Infratech after defaulting the payment of Rs 526 crore. The proceedings were initiated by an IDBI Bank-led consortium, seeking resolution under the Insolvency and Bankruptcy Code. Also Read - Homebuyers have a reason to cheer as Insolvency and Bankruptcy Code likely to change rules

Earlier this week, Jaypee group promoter Manoj Gaur made an offer of over Rs 10,000 crore before the lenders of Jaypee Infratech to protect the interest of all stakeholders including financial creditors, home buyers and minority shareholders.

Jaypee Infratech, which is a subsidiary of Jaiprakash Associates, had in 2007 started development of about 32,000 flats in Noida, of which it has delivered 9,500. It has applied for occupancy certificates to hand over 4,500 flats more.

According to sources, Jaypee group in its fresh proposal has offered 2,000 shares each to every home buyer on first registration. About 4.5 crore shares are estimated to be offered at nil consideration. That apart, the group proposed to bear 50 per cent of stamp duty on behalf of the home buyers on first registration, they said adding the company plans to deliver all apartments in the next 42 months. Jaypee Infartech will also pay penalty to home buyers as per the agreement and new realty law RERA, sources said.

Jaiprakash Associates has already deposited Rs 750 crore with the Registry of the Supreme Court and the amount would be utilised for the refund to home buyers.

Lenders of Jaypee Infratech rejected a Rs 7,350 crore bid by Lakshadweep, the highest bidder for the company, as they found it inadequate. The decision was taken at a meeting of the Committee of Creditors (CoC) that was called to decide on the bid received from Lakshadweep, whose offer was ranked higher than the one presented by Adani Group.

NCLT has appointed Anuj Jain, a chartered accountant, to prepare a resolution plan. Following which Jain invited bids from companies who want to takeover Jaypee Infratech. Lakshadweep was the first in the bidding race to acquire Jaypee Infratech with Rs 7,350 crore bid.

With inputs from PTI