Suraksha gets nod from creditors, homebuyers for Jaypee takeover
Real Estate

Suraksha gets nod from creditors, homebuyers for Jaypee takeover

Suraksha Group has received approval from financial creditors and homebuyers to takeover debt-laden Jaypee Infratech Ltd (JIL).

The bidding process on the takeover proposals submitted by National Buildings Construction Corporation Ltd (NBCC) and Suraksha group ended on June 23.

JIL's Interim Resolution Professional (IRP) Anuj Jain said that the Suraksha group has won the bid with 98.66% votes. He further added that the group got 0.12% more votes than NBCC.

On the other hand, the NBCC bid gets 98.54% of votes only marginally less than Suraksha Group.

Suraksha Group offered 2,552 acres of land with a fair value of Rs 6,456 crore to secured financial creditors. Rs 1,280 crore as instruments to secured financial creditors and fixed deposit holders offered Rs 29 crore repayment.

The group will infuse a working capital of Rs 3,000 crore to finish the homebuyers project to complete the project in 40 months.

JIL's successful resolution will provide a major relief to above 20,000 homebuyers across various housing projects launched by the realty developer in Noida and Greater Noida.

Over 20,000 homebuyers and around 12 banks have voting rights in the Committee of Creditors (CoC). Lenders have submitted a total claim of Rs 9,783 crore.

This is the fourth round bidding process of the JIL bankruptcy case by an IDBI Bank-led consortium after the National Company Law Appellate Tribunal (NCLAT) admitted an application. The bank's total admitted claims are Rs 9,782 crore.

Image Source


Also read: Jaypee Infratech acquisition: Suraksha objects to bid submission extension

Also read: NBCC gets Rs 2,000 cr credit line from HUDCO for Jaypee acquisition

Suraksha Group has received approval from financial creditors and homebuyers to takeover debt-laden Jaypee Infratech Ltd (JIL). The bidding process on the takeover proposals submitted by National Buildings Construction Corporation Ltd (NBCC) and Suraksha group ended on June 23. JIL's Interim Resolution Professional (IRP) Anuj Jain said that the Suraksha group has won the bid with 98.66% votes. He further added that the group got 0.12% more votes than NBCC. On the other hand, the NBCC bid gets 98.54% of votes only marginally less than Suraksha Group. Suraksha Group offered 2,552 acres of land with a fair value of Rs 6,456 crore to secured financial creditors. Rs 1,280 crore as instruments to secured financial creditors and fixed deposit holders offered Rs 29 crore repayment. The group will infuse a working capital of Rs 3,000 crore to finish the homebuyers project to complete the project in 40 months. JIL's successful resolution will provide a major relief to above 20,000 homebuyers across various housing projects launched by the realty developer in Noida and Greater Noida. Over 20,000 homebuyers and around 12 banks have voting rights in the Committee of Creditors (CoC). Lenders have submitted a total claim of Rs 9,783 crore. This is the fourth round bidding process of the JIL bankruptcy case by an IDBI Bank-led consortium after the National Company Law Appellate Tribunal (NCLAT) admitted an application. The bank's total admitted claims are Rs 9,782 crore. Image Source Also read: Jaypee Infratech acquisition: Suraksha objects to bid submission extension Also read: NBCC gets Rs 2,000 cr credit line from HUDCO for Jaypee acquisition

Next Story
Infrastructure Transport

Anand Vihar and Punjabi Bagh Flyovers Ready

Work on two major road infrastructure projects, the Anand Vihar flyover and the Punjabi Bagh flyover, has been completed but are yet to be opened for public use, according to officials. Located in highly congested areas, work on these projects started around two years ago. "The work on the flyover is complete and it is ready for opening," said a PWD official on Wednesday. According to sources, both the flyovers are likely to be inaugurated closer to the assembly elections in Delhi, scheduled for early next year. During the time the work was under way, motorists faced heavy traffic congestion ..

Next Story
Infrastructure Transport

RDSO finalise oscillation trials on Indore Metro

Indore Metro Phase 1 advances with the completion of oscillation and brake performance trials on the Yellow Line through three coaches manufactured by Alstom conducted by Research Design and Standards Organisation (RDSO). The oscillation trials were conducted with an aim to evaluate the stability and performance of the three different coaches during the movement, ensuring that the commencement of operation on Indore metro meets the safety and performance standard. The Emergency Braking Distance (EBD) was also reviewed by the RDSO team to evaluate the efficient stopping of trains during the op..

Next Story
Infrastructure Urban

IIT Guwahati develops sustainable geopolymer

A research team at the Indian Institute of Technology Guwahati, led by Prof. Anil K. Mishra from the Department of Civil Engineering, has developed an innovative solution to two major global challenges: industrial waste management and sustainable construction. Their research focuses on creating a geopolymer using industrial byproducts and waste materials, such as water treatment sludge (WTS), fly ash (FA), and ground granulated blast furnace slag (GGBS). “With the rapid pace of urbanisation and industrialisation, managing industrial waste has become a critical global issue," said IIT Guwaha..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000