Suraksha gets nod from creditors, homebuyers for Jaypee takeover

25 Jun 2021 CW Team

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

Real Estate

04 Aug 2026

LML Realty Launches Cinema Campaign on Industrial Vision

LML Realty has launched a cinema advertising campaign in partnership with PVR INOX across 81 screens in Gurugram and Faridabad, showcasing the brand’s transformation from a mobility icon to an industrial infrastructure developer.The campaign features a cinematic brand film tracing LML’s journey since 1972, beginning with its iconic scooters and highlighting its evolution into creating infrastructure solutions that support India’s manufacturing growth.The film focuses on LML Industrial Park at Jhirka Valley, the company’s flagship industrial development approved under the Haryana Govern..

IIM Ahmedabad Publishes Case Study on HoABL’s Business Model

The Indian Institute of Management Ahmedabad (IIMA) has published a case study on The House of Abhinandan Lodha (HoABL), examining the company’s digital-first consumer journey and business model that created India’s branded land category.Titled “HoABL: Ready for Scaling Up”, the case study has been published by the IIMA Case Centre and co-authored by Sourav Borah, Associate Professor of Marketing at IIMA, and Dr Aparna Kansal of IMT Ghaziabad. IIMA case studies are used across management and executive education programmes to help students and business leaders analyse strategic decision..

Advait Energy and MEIL Partner for Energy Transition Projects

Advait Energy Transitions Limited (AETL) and Manipal Energy Infratech Limited (MEIL), a company of The Manipal Group, have entered into a strategic Memorandum of Understanding (MoU) to collaborate on power and energy transition opportunities across India and international markets.The partnership aims to combine AETL’s expertise in innovative energy technologies and manufacturing with MEIL’s EPC execution capabilities and project management experience. The collaboration will focus on opportunities across Power Transmission & Distribution, Renewable Energy, Battery Energy Storage Systems..