Suraksha Group seeks NCLT nod to buy Jaypee Infra by March

17 Feb 2022 CW Team

Suraksha Group hosted a two-hour webinar on Sunday to address the concerns of homebuyers stuck in various JIL projects in Noida and Greater Noida, Uttar Pradesh.

Suraksha Group received approval from financial creditors and homebuyers to take over the JIL in June of last year, giving homebuyers hope of getting their dream flats.

Dave expressed confidence that the company's resolution plan would be approved by the NCLT. This time, there are fewer legal stumbling blocks.

While the company was focused on getting approval from the NCLT, Dave said the company was also preparing internally to begin construction.

To speed up the construction process, the Suraksha group is aggressively hiring senior executives.

The team is already working in the background, assessing the current status of stalled projects, estimating costs, and discussing machine and labour deployment with contractors.

After a 10-day voting process, the Committee of Creditors (CoC) approved Suraksha Group's acquisition of JIL in June of last year.

Suraksha Group won the bid with 98.66% of the vote, 0.12% more than NBCC.

The CoC has voting rights for up to 12 banks and over 20,000 homebuyers.

The voting rights of homebuyers and creditors are 56.63% and 43.25%, respectively. Fixed deposit holders are entitled to 0.13% of the vote.

JIL entered the Corporate Insolvency Resolution Process (CIRP) in August 2017 and is now in its fourth round of bidding to find a buyer. Interim Resolution Professional (IRP) Anuj Jain works for the JIL.

Lenders have filed a claim of Rs 9,783 crore.

Suraksha Group had offered bankers over 2,500 acres of land and nearly Rs 1,300 crore in non-convertible debentures as part of its final resolution plan.

It has also proposed that all pending flats be completed within the next four years.

After an application by an IDBI Bank-led consortium was accepted by the NCLT in August 2017, JIL entered the insolvency process.

On March 24, 2021, the Supreme Court ordered a new round of bidding between the NBCC and the Suraksha group.

Image Source

Also read: Suraksha Group to acquire Jaypee Infratech through insolvency

Suraksha Group has said that it expects to receive National Company Law Tribunal (NCLT) approval by March to acquire Jaypee Infratech Ltd (JIL) through an insolvency process and complete around 20,000 flats for homebuyers. Suraksha Group hosted a two-hour webinar on Sunday to address the concerns of homebuyers stuck in various JIL projects in Noida and Greater Noida, Uttar Pradesh. Suraksha Group received approval from financial creditors and homebuyers to take over the JIL in June of last year, giving homebuyers hope of getting their dream flats. Dave expressed confidence that the company's resolution plan would be approved by the NCLT. This time, there are fewer legal stumbling blocks. While the company was focused on getting approval from the NCLT, Dave said the company was also preparing internally to begin construction. To speed up the construction process, the Suraksha group is aggressively hiring senior executives. The team is already working in the background, assessing the current status of stalled projects, estimating costs, and discussing machine and labour deployment with contractors. After a 10-day voting process, the Committee of Creditors (CoC) approved Suraksha Group's acquisition of JIL in June of last year. Suraksha Group won the bid with 98.66% of the vote, 0.12% more than NBCC. The CoC has voting rights for up to 12 banks and over 20,000 homebuyers. The voting rights of homebuyers and creditors are 56.63% and 43.25%, respectively. Fixed deposit holders are entitled to 0.13% of the vote. JIL entered the Corporate Insolvency Resolution Process (CIRP) in August 2017 and is now in its fourth round of bidding to find a buyer. Interim Resolution Professional (IRP) Anuj Jain works for the JIL. Lenders have filed a claim of Rs 9,783 crore. Suraksha Group had offered bankers over 2,500 acres of land and nearly Rs 1,300 crore in non-convertible debentures as part of its final resolution plan. It has also proposed that all pending flats be completed within the next four years. After an application by an IDBI Bank-led consortium was accepted by the NCLT in August 2017, JIL entered the insolvency process. On March 24, 2021, the Supreme Court ordered a new round of bidding between the NBCC and the Suraksha group. Image Source Also read: Suraksha Group to acquire Jaypee Infratech through insolvency

Infrastructure Urban

30 May 2026

Panasonic Showcases Connected Display Solutions

Panasonic Life Solutions India showcased its integrated display, projection, broadcast and communication technologies at Panasonic Tech Summit 2026 in New Delhi. Hosted through its System Solutions Division, the two-day event highlighted connected technology solutions for education, healthcare, retail, transportation, corporate offices and entertainment.The summit, themed ‘Turning Technology into Value’, featured experience-led zones covering QSR, retail, transit, corporate offices, healthcare, education, security, projection, home theatre and professional displays. Panasonic also introduc..

Infrastructure Transport

30 May 2026

Kapsch to Deliver India’s First C-ITS Project

"Kapsch TrafficCom will deliver India’s first Cooperative Intelligent Transport Systems project on a key expressway near New Delhi. The project will be implemented with Superwave Communication And Infrasolution Limited to demonstrate how connected mobility can improve road safety and traffic efficiency.The pilot will use real-time connectivity and AI-enabled situational awareness to support road users, especially in high-risk areas such as temporary work zones. Drivers will receive alerts on roadworks, maintenance vehicles, hazardous locations, traffic queues and temporary virtual signage di..

Infrastructure Urban

30 May 2026

Eurobond Net Profit Rises 44 Per Cent

Euro Panel Products, the parent company of Eurobond, reported a 44.13 per cent year-on-year rise in net profit for FY25–26. The company’s revenue from operations grew 18.91 per cent to Rs 503.20 crore, compared to Rs 423.18 crore in the previous financial year.The company’s full-year EBITDA stood at Rs 56.67 crore, marking a 31.82 per cent increase. Profit after tax rose to Rs 26.56 crore, while net worth increased 20.15 per cent to Rs 160.07 crore. Earnings per share for the year stood at Rs 10.84.Divyam Rajesh Shah, Whole Time Director and CFO, Euro Panel Products, said the company’s..