Suraksha Group Finalises Acquisition of Jaypee Infratech

11 Jun 2024 CW Team

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.

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