Jaypee Infra

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. 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. 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. 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. In a regulatory filing on Wednesday, Jaypee Infratech shared specific features and details of the Resolution Plan as approved by t

Homebuyers on Tuesday described NCLT's order on Jaypee Infratech as a "real Holi gift" and hoped that the successful bidder Suraksha group will deliver the flats as per the schedule proposed in the resolution plan. On Tuesday, the National Company Law Tribunal (NCLT) approved 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. The ruling, which also comes nearly two years after the Committee of Creditors (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 Jaypee Infratech Ltd (JIL) spread across Noida and Greater Noida in the national capital region. "Homebuyers of Jaypee are happy and it is a real Holi gift for them. We expect Suraksha to start the construction as prescribed in the resolution plan and deliver them as per the schedule ...

Debt-ridden Jaypee Infratech, which is facing insolvency proceedings, on Tuesday said that all the consortium lenders -- excluding ICICI Bank -- have assigned their debt to National Asset Reconstruction Company Ltd (NARCL). Jaypee Infratech Ltd (JIL) is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the provisions of the Insolvency & Bankruptcy Code (IBC) following an order dated August 9, 2017, passed by the Allahabad-Bench of National Company Law Tribunal (NCLT). The case has been reserved for orders on the approval of the resolution plan in respect of JIL before the NCLT, Principal Bench, Delhi. In a regulatory filing, JIL said the company has been financed by a consortium of lenders comprising IDBI Bank Ltd, India Infrastructure Finance Company Ltd, Union Bank of India, Life Insurance Corporation of India, State Bank of India, Canara Bank, Bank of Maharashtra, IFCI Ltd, J&K Bank Ltd and ICICI Bank -- which also form part of the Committee of ...

Jaypee Infratech deal expected to close by early Nov

Suraksha group said the company expects to get the approval of the NCLT by March to acquire Jaypee Infratech Ltd (JIL) through insolvency process and complete around 20,000 flats for homebuyers

Will infuse working capital funds, deploy a new tech team to revive stalled work; plans to collect dues from home buyers and monetise unsold inventory to expedite construction

A successful resolution of JIL will provide a big relief to over 20,000 homebuyers across various housing projects launched by the realty developer in Noida and Greater Noida (Uttar Pradesh).

In the CoC meeting, resolution professional asked NBCC to first get permission from Yamuna Express Industrial Development Authority (YEIDA) for its offer to transfer part of land bank to the lender.

State-owned NBCC and Suraksha group are in the fray to acquire the debt-laden realty firm Jaypee Infratech Ltd (JIL) and complete over 20,000 pending flats for homebuyers

Our top headlines on Tuesday track the latest developments

Committee of Creditors gives Suraksha and NBCC India seven days to file revised bids.

Homeowners, Suraksha cry foul; say move illegal as per SC order

Lenders and homebuyers of Jaypee Infratech will meet on May 15 to discuss the revised bids submitted by state-owned NBCC and Suraksha group to acquire debt-laden realty firm through insolvency process

NBCC and Suraksha group, which are in the race to acquire Jaypee Infratech under the insolvency resolution process, have submitted revised bids and improved their offers for financial creditors.

A three-member NCLAT bench has issued notices to NBCC, IDBI Bank and resolution professional of Jaypee Infratech as well as to the bourses NSE and BSE

The disclosures were made after a November 2019 Securities and Exchange Board of India's directive asking companies to disclose defaults of 30 days and above

This is the third round of bidding process, initiated on the direction of the apex court.

Lenders had asked both the suitors to sweeten their resolution plans and submit their bids by December 3. The final offer made by the two contenders could not be immediately ascertained

NBCC Ltd is also actively considering offering more land to lenders and reduce timeline for completion of about 20,000 flat

For homebuyers, NBCC is looking to reduce the deadline for completing pending flats from four years timeline proposed in the bid submitted on November 17