Suraksha Group to acquire Jaypee Infratech through insolvency

25 Jan 2022 CW Team

Suraksha Group expects to get National Company Law Tribunal's (NCLT) approval to acquire Jaypee Infratech Limited (JIL) through the insolvency process and complete around 20,000 flats for home buyers.

CEO and Managing Director of Suraksha Group, Aalok Dave, said that the company would begin the construction of stalled projects after getting NCLT's approval. He is confident that the company will receive approval on its resolution plan.

In June 2020, the company received approval from the Committee of Creditors (CoC) and homebuyers to acquire JIL, raising the expectancies of home buyers for getting their flats.

The company focuses on receiving approval from NCLT, and Dave said it was also preparing internally to begin construction works. It is hiring senior executives to expedite the construction process.

The team is looking into the status of stalled projects, estimating cost and discussing with the contractors. The company won the bid with 98.66% votes and got 0.12% more votes than NBCC India Limited.

It is the fourth round of bidding to acquire JIL, which went into the Corporate Insolvency Resolution Process (CIRP) in 2017 after NCLT admitted an application by an IDBI Bank-led consortium. Lenders have submitted a claim of Rs 9,783 crore.

The group offered 2,500 acres of land to the bankers and about Rs 1,300 crore by issuing non-convertible debentures. It said that the company would complete all stalled projects in the next four years.

In the first round of the insolvency process, the lenders rejected the Rs 7,350 crore bid for Lakshadweep.The CoC rejected the bids of Suraksha and NBCC in the second round of bidding. However, the Supreme Court (SC) directed that the revised bids would be invited only from Suraksha and NBCC.

Image Source

Also read: SC allows NCLT two months to decide on Jaypee Infratech insolvency

Infrastructure Urban

10 Mar 2026

ABB to Invest Rs 6.25 Billion to Expand India Manufacturing

ABB recently announced plans to invest approximately Rs 6.25 billion ($75 million) in India during 2026 to expand its manufacturing footprint and research and development capabilities. The investment follows more than $35 million spent in 2025 and reflects the company’s continued focus on strengthening its ‘local-for-local’ strategy in the country.The investment will support ABB’s Electrification, Motion and Automation businesses and expand manufacturing capacity for infrastructure sectors such as renewable energy, metro rail, data centres and industrial applications. Approximately 300..

Six WOLFF Cranes Handle 60,000 m³ Concrete for German Hospital

Six WOLFF tower cranes are playing a key role in constructing a new hospital complex in Memmingen, Germany, supporting large-scale material handling for the project. The facility is being built on a 7.7-hectare site and will feature six floors, around 480 beds and a gross floor area exceeding 75,000 sq m.Building shell works began recently in February 2025. One WOLFF 6531.12 Cross crane supported early site preparation before being dismantled in autumn 2025, while five remaining cranes continue operations. Over an average deployment period of 16 months, the cranes are expected to move approxim..

REC Funds Rs 115.6 Million CSR Support for Bihar Eye Hospital

REC recently committed Rs 115.6 million under its Corporate Social Responsibility (CSR) programme for the procurement of clinical and non-clinical equipment at Sankara Eye Hospital in Saharsa, Bihar. The initiative aims to strengthen healthcare infrastructure and improve access to specialised eye care services in the region.A Memorandum of Agreement (MoA) was recently signed between Pradeep Fellows, Executive Director (CSR), REC Limited, and Wg Cdr V. Shankar (Retd), Trustee and Executive Director of Sankara Eye Hospital, at the REC office in the SCOPE Complex, New Delhi.The support is expecte..