The CoC had rejected the bids of Suraksha and NBCC in the second round held in May-June 2019. In the first round of insolvency proceedings in 2018, the Rs 7,350-crore bid of Lakshadweep, part of the Suraksha group, was rejected by the lenders. The company had got 0.12 per cent more votes than state-owned NBCC, which was also in the fray. As many as 12 banks and more than 20,000 homebuyers have voting rights in the CoC. In the fourth round of the bidding process to find a buyer for JIL in 2021, the Suraksha group won the bid with 98.66 per cent votes. In June 2021, the Suraksha group received the approval of the CoC, which includes banks and homebuyers. On November 22 last year, the NCLT reserved its order over the plea filed by the IRP of JIL seeking approval for the Suraksha group's bid. JAL will get only Rs 100.48 crore.Īs per the order of the Supreme Court, JAL had in 2018 deposited a total of Rs 750 crore in several tranches before the registry of the apex court. In its 491-page order, the NCLT had directed that JIL will get Rs 542.62 crore out of Rs 750 crore deposited by Jaiprakash Associates Ltd (JAL) in the registry of the Supreme Court, while Rs 106.9 crore will go to an escrow account of homebuyers. While passing the order, the tribunal rejected the objections made by Yamuna Expressway Industrial Development Authority (YEIDA), dissenting financial creditor ICICI Bank and JIL's parent firm Jaiprakash Associates Ltd (JAL). The ruling, which came nearly two years after the CoC gave its nod for Suraksha group's offer, will pave the way for the completion of more than 20,000 housing units in various stalled projects of JIL spread mainly across Noida and Greater Noida in the national capital region. On Tuesday, NCLT approved the Suraksha group's bid to buy Jaypee Infratech Ltd, a development that comes as a relief for more than 20,000 homebuyers nearly six years after the debt-ridden company entered into the insolvency process. In a regulatory filing on Wednesday, Jaypee Infratech shared specific features and details of the Resolution Plan as approved by the NCLT under the Insolvency and Bankruptcy Code, 2016.
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A monitoring committee will be set up by Interim Resolution Professional (IRP) in seven days, and it will take all necessary steps for expeditious implementation of the resolution plan. On March 7, National Company Law Tribunal (NCLT), Principal Bench New Delhi approved the resolution plan of Suraksha Realty Ltd and Lakshdeep Investments and Finance Pvt Ltd to takeover JIL. As per the resolution plan of Suraksha Group submitted in June 2021, Jaypee Infratech Ltd (JIL) will get delisted and public shareholders will be given an aggregate exit at a price of Rs 0.14 crore. Mumbai-based Suraksha Group, which recently got the NCLT approval to acquire Jaypee Infratech, will infuse Rs 250 crore in the debt ridden Jaypee Group firm and also arrange Rs 3,000 crore loan for completion of around 20,000 apartments in various stalled projects over the next four years.
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