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.

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

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