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

Infrastructure Transport

16 Sep 2025

Metro Line 2B Phase 1 to Boost Realty in Mumbai’s Eastern Suburbs

Mumbai’s real estate sector is set for a major boost as Phase 1 of Metro Line 2B, between Mandale and Diamond Garden, nears completion. The Mumbai Metropolitan Region Development Authority (MMRDA) has confirmed that mandatory rectifications are done, and inspections by the Commissioner of Metro Railway Safety (CMRS) have been carried out. The 5.39-km stretch with five stations forms part of the larger DN Nagar–Mandale corridor, designed to ease congestion and improve east–west connectivity. Passenger operations are expected by December 2025, with the full line slated for 2027. ..

WattPower wins Best Inverter award at Global Solar Expo 2025

WattPower, a leading renewable energy solutions provider, has won the award for “Best Inverter in the Utility Segment” at the Global Solar Expo 2025. The recognition underscores the company’s commitment to delivering reliable, high-performance and future-ready solar solutions for large-scale projects. At the forefront of utility-scale solar, WattPower manufactures advanced string inverters that directly feed power into the Indian grid. With robust technology, high-quality components and comprehensive product lifecycle support, its solutions stand among the most sophisticated in the ..

Awfis delivers 67,000 sq. ft. innovation hub for eBay in Bengaluru

Awfis Space Solutions, India’s largest flexible workspace provider and the first publicly listed workspace solutions platform, has partnered with eBay to establish a 67,000 sq. ft. innovation hub at Embassy Tech Village, Bengaluru. The mandate covers design, build and management of the new office, which will act as a strategic hub supporting diverse functions and accelerating eBay’s AI-first commerce strategy. The centre will focus on artificial intelligence, engineering, product development and applied research, strengthening eBay’s growth in India. Embassy Tech Village, North Beng..