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 Energy

25 Jun 2026

Centre Prioritising Energy Security With Coal Gasification

Union minister for Coal and Mines G Kishan Reddy said the Centre is prioritising energy security through a strategic shift to coal gasification and has announced incentives totalling Rs 460 billion (bn) to support the effort. He said more than 35 companies will start coal gasification activities in India within two months and that the government is encouraging firms that bring technology to close the domestic technology gap. The minister described the initiative as aimed at reducing import dependence and developing indigenous capacity. India has the fifth-largest coal reserve in the world, and..

BHEL and Coal India Invest Rs 250 bn in Odisha Gasification

Bharat Heavy Electricals (BHEL) and Coal India (CIL) are jointly investing Rs 250 billion in a coal gasification project in Odisha, with the Prime Minister laying the foundation stone in Jharsuguda. Union Coal and Mines Minister G Kishan Reddy described the initiative as a transformative shift in coal utilisation that will open industrial avenues for the state. The project moves coal beyond conventional power generation to industrial feedstocks. Coal gasification will convert coal into synthesis gas, a versatile feedstock for chemicals, fertilisers and synthetic fuels, and the technology is ex..

BCCL Hands Over Dugdha Coal Washery To JSW Steel

Bharat Coking Coal has handed over the Dugdha Coal Washery to JSW Steel, marking the first coal washery asset monetisation under the Ministry of Coal's asset monetisation programme. The handover took place in the presence of senior officials from Bharat Coking Coal Ltd, JSW Steel and JSW Energy. The washery has a capacity of two million tonnes per annum (mn t per annum), and its transfer is intended to introduce private sector practices into coal beneficiation operations. The monetisation is aimed at modernising coal sector assets, improving operational efficiency and enhancing resource utilis..