Suraksha Group Finalises Acquisition of Jaypee Infratech
Real Estate

Suraksha Group Finalises Acquisition of Jaypee Infratech

Suraksha Group has completed the acquisition of Jaypee Infratech through an insolvency resolution process, as approved by the National Company Law Appellate Tribunal (NCLAT) on May 24. This acquisition marks the end of a prolonged insolvency case that began in August 2017, providing relief to over 20,000 homebuyers awaiting possession of their homes.

As part of the resolution plan, Suraksha Group will inject Rs 1.25 billion to expedite the completion of pending housing projects, particularly in the Delhi-NCR region. Additionally, the company is required to compensate farmers with an extra Rs 13.34 billion. The newly appointed board members include Sudhir V Valia as Non-Executive Director, Aalok Champak Dave as Managing Director and CEO, and Usha Anil Kadam as an independent director.

The CIRP was initiated by the IDBI Bank-led consortium due to Jaypee Infratech's inability to service its debt. After a series of competitive bidding rounds, Suraksha Group's resolution plan, which garnered 98.66% of the votes in 2021, was selected. This plan involves offering over 2,500 acres of land and Rs 13 billion in non-convertible debentures to bankers, along with a commitment to complete the construction of pending flats within the next four years.

The NCLAT's approval is expected to bring a significant boost to Suraksha Group's real estate portfolio and restore confidence among the affected homebuyers and stakeholders, concluding a major chapter in India's real estate and insolvency landscape.

Suraksha Group has completed the acquisition of Jaypee Infratech through an insolvency resolution process, as approved by the National Company Law Appellate Tribunal (NCLAT) on May 24. This acquisition marks the end of a prolonged insolvency case that began in August 2017, providing relief to over 20,000 homebuyers awaiting possession of their homes. As part of the resolution plan, Suraksha Group will inject Rs 1.25 billion to expedite the completion of pending housing projects, particularly in the Delhi-NCR region. Additionally, the company is required to compensate farmers with an extra Rs 13.34 billion. The newly appointed board members include Sudhir V Valia as Non-Executive Director, Aalok Champak Dave as Managing Director and CEO, and Usha Anil Kadam as an independent director. The CIRP was initiated by the IDBI Bank-led consortium due to Jaypee Infratech's inability to service its debt. After a series of competitive bidding rounds, Suraksha Group's resolution plan, which garnered 98.66% of the votes in 2021, was selected. This plan involves offering over 2,500 acres of land and Rs 13 billion in non-convertible debentures to bankers, along with a commitment to complete the construction of pending flats within the next four years. The NCLAT's approval is expected to bring a significant boost to Suraksha Group's real estate portfolio and restore confidence among the affected homebuyers and stakeholders, concluding a major chapter in India's real estate and insolvency landscape.

Next Story
Infrastructure Urban

KEI Industries Faces Rs 80 Mn Daily Loss Amid Wage Dispute

KEI Industries Limited, one of India's prominent manufacturers of wires and cables, is encountering significant financial challenges, with reported losses amounting to Rs 8 crore per day. The company's operations have been severely impacted by a wage dispute, exacerbating its financial woes amidst broader economic pressures. The wage row has led to disruptions in KEI Industries' production and operational efficiency, affecting its ability to meet market demands and maintain profitability. This situation underscores the critical nature of resolving labour disputes swiftly to mitigate adverse i..

Next Story
Infrastructure Urban

Hyderabad Aims for World-Class Status

Telangana Chief Minister K Chandrasekhar Rao emphasized the state government's commitment to developing Hyderabad into one of the world's best cities. During a recent event, Rao highlighted several key initiatives aimed at enhancing the city's infrastructure, urban planning, and overall quality of life. He noted that the government's comprehensive approach includes substantial investments in various sectors to ensure sustainable growth and development. Rao detailed plans for significant improvements in transportation, including the expansion of metro rail services, upgrading road networks, an..

Next Story
Infrastructure Urban

Ferrari's First Electric Car Debuts

Ferrari is set to launch its first fully electric vehicle (EV), with a price tag exceeding $500,000, as reported by industry sources. This move marks Ferrari's entry into the electric vehicle market, aligning with the global shift towards sustainable mobility and reducing carbon emissions. Ferrari, electric vehicle, $500,000, sustainable mobility, carbon emissions. The new electric Ferrari, expected to debut in 2025, promises to uphold the brand's legacy of high performance and luxury. The vehicle will feature advanced technology, ensuring it delivers the iconic Ferrari driving experience desp..

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

Join us Telegram