Jaypee Infratech: NCLT to hear plea on Suraksha’s bid for Jaypee Infratech on Tuesday

Jaypee Infratech: NCLT to hear plea on Suraksha’s bid for Jaypee Infratech on Tuesday

The National Company Law Tribunal (NCLT) will on Tuesday hear the plea for approval of the Suraksha group‘s bid to acquire debt-ridden realty firm . The matter is listed before the Delhi-based Principal bench of the tribunal.

The bench comprises Acting President Bhaskara Pantula Mohan and Member Sumita Purkayastha, as per the cause list of the NCLT.

Last week, Japyee Infratech informed through a regulatory filing that the resolution plan of Suraksha Realty along with Lakshdeep Investments and Finance as approved by the Committee of Creditors (CoC) and filed with the Adjudicating Authority (NCLT) is listed for further consideration on September 28, 2021.

In June, financial creditors of Jaypee Infratech Ltd (JIL) picked Mumbai-based Suraksha group over state-owned NBCC for taking over the insolvent firm.

The CoC approval has given hopes to thousands of homebuyers that they may finally get possession of their flats after many years of delay.

In a tight finish, the Suraksha group received 98.66 per cent votes compared to NBCC’s 98.54 per cent.

This was the fourth round of bidding to find a buyer for JIL, which went into the Corporate Insolvency Resolution Process (CIRP) in August 2017.

After the CoC approval, the Suraksha group’s offer has to be cleared by the National Company Law Tribunal (NCLT).

A successful resolution of JIL will provide a big relief to over 20,000 homebuyers across various housing projects launched by the realty developer in Noida and Greater Noida (Uttar Pradesh).

In its final resolution plan, Suraksha group has offered to banks over 2,500 acres of land and nearly Rs 1,300 crore by way of issuing non-convertible debentures.

It has promised to complete the construction of pending flats over the next 42 months.

JIL went into the insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium.

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