Jaypee Infra

Suraksha Group, which has acquired Jaypee Infratech Ltd (JIL) through insolvency process, has identified 2,552 acre of land parcels for lenders of the bankrupt realty firm in accordance with the resolution plan. On June 4, Suraksha Group took control of JIL following the National Company Law Appellate Tribunal's (NCLAT) decision on May 24, upholding its bid to acquire JIL and constituted a new board. According to sources, Suraksha Group has earmarked 2,372 acre of land for assenting lenders and 180 acre, separately, for ICICI. The group had appointed real estate consultant CBRE to help in land identification process. JIL had around 6,250 acre of land in Delhi-NCR and adjoining areas. In its resolution plan, which was approved by the National Company Law Tribunal (NCLT) in March last year, Suraksha Group has offered bankers more than 2,500 acre of land to partly settle their dues. Sources said Suraksha Group, during the last three months, has infused Rs 125 crore as equity and anoth

The Suraksha Group has infused Rs 125 crore equity fund in Jaypee Infratech Ltd, which it has acquired through insolvency process, as part of its resolution plan to settle banks' dues and complete around 20,000 unfinished flats in Delhi NCR. Earlier this month, the Mumbai-based Suraksha Group took control of the Jaypee Infratech Ltd (JIL) by constituting a three-member board. The takeover followed the insolvency appellate tribunal NCLAT decision on May 24, upholding Suraksha Group's bid to acquire JIL. The NCLAT had directed Suraksha Group to pay an additional Rs 1,334 crore to Yamuna Expressway Industrial Development Authority (YEIDA) as farmers' compensation. According to sources, Suraksha Group has infused Rs 125 crore equity fund in JIL. Suraksha Group will soon start the construction process. It will also start making payment to YEIDA as per the schedule, they added. Suraksha Group has informed that May 24, 2024, the date of the NCLAT order, should be treated as the 'Approval

Mumbai-based Suraksha Group, which has recently taken control of debt-ridden realty firm Jaypee Infratech through an insolvency process, will pay the first instalment of around Rs 133 crore to Yamuna Expressway Industrial Development Authority within three months as additional compensation to farmers. On May 24, the National Company Law Appellate Tribunal (NCLAT) upheld Suraksha Realty's bid to acquire Jaypee Infratech Ltd (JIL) while directing it to pay Rs 1,334 crore to Yamuna Expressway Industrial Development Authority (YEIDA) as compensation to the farmers. While upholding the National Company Law Tribunal's (NCLT) decision of March 2023, the NCLAT had said the decision was made to avoid any further delay in the implementation of the resolution plan and also to take care of the interests of all stakeholders, including homebuyers and claim of YEIDA for additional compensation of the farmers. On March 7 last year, the NCLT approved the bid of Suraksha Group to buy JIL. However, ma

Insolvency Appellate Tribunal NCLAT on Friday upheld Suraksha Realty's bid to acquire debt-ridden Jaypee Infratech Ltd but asked it to pay an additional around Rs 1,300 crore as farmers' compensation. Upholding the National Company Law Tribunal's (NCLT) decision of March 2023, the NCLAT said the decision was to avoid any further delay in the implementation of the resolution plan and to take care of the interests of all stakeholders, including home buyers and claim of Yamuna Express development authority YEIDA for additional compensation of the farmers. NCLT had on March 7, 2023, approved the bid of Mumbai-based Suraksha group to buy Jaypee Infratech Ltd (JIL), giving relief to more than 20,000 home buyers whose investments are stuck across various projects being developed in Delhi-NCR. "The impugned order passed by the adjudicating authority (NCLT) deals with the claim of the appellant (YEIDA) of Rs 1,689 crore of additional farmers compensation is set aside and the rest of the ord

Crisis-hit Jaypee Group's flagship firm Jaiprakash Associates has defaulted on loans worth Rs 4,616 crore, including principal and interest amount. In a regulatory filing late on Monday, Jaiprakash Associates Ltd (JAL) has informed that the company on April 30, defaulted on repayments of a principal amount of Rs 1,751 crore and interest of Rs 2,865 crore. "Total borrowing (including interest) of the company is Rs 29,805 crore, repayable by 2037, against which only Rs 4,616 crore is overdue as on April 30, 2024," JAL said. The loans pertained to various banks, and the nature of the obligation is fund-based working capital, non-fund-based working capital, term loans and FCCBs (foreign currency convertible bonds). Out of the total borrowing of Rs 29,805 crore, the company said Rs 18,955 crore will be transferred to the proposed Special Purpose Vehicle (SPV). For this, a Scheme of Arrangement duly approved by all the stakeholders, is pending for sanction of the National Company Law ...

Yeida had approved all five conditions of Suraksha Group's resolution plan to take over stuck realty projects of Jaypee Infratech

Mumbai-based Suraksha Group, which recently got the NCLT approval to acquire Jaypee Infratech, will infuse Rs 250 crore in the debt ridden Jaypee Group firm and also arrange Rs 3,000 crore loan for completion of around 20,000 apartments in various stalled projects over the next four years. As per the resolution plan of Suraksha Group submitted in June 2021, Jaypee Infratech Ltd (JIL) will get delisted and public shareholders will be given an aggregate exit at a price of Rs 0.14 crore. On March 7, National Company Law Tribunal (NCLT), Principal Bench New Delhi approved the resolution plan of Suraksha Realty Ltd and Lakshdeep Investments and Finance Pvt Ltd to takeover JIL. A monitoring committee will be set up by Interim Resolution Professional (IRP) in seven days, and it will take all necessary steps for expeditious implementation of the resolution plan. In a regulatory filing on Wednesday, Jaypee Infratech shared specific features and details of the Resolution Plan as approved by t

Homebuyers on Tuesday described NCLT's order on Jaypee Infratech as a "real Holi gift" and hoped that the successful bidder Suraksha group will deliver the flats as per the schedule proposed in the resolution plan. On Tuesday, the National Company Law Tribunal (NCLT) approved Suraksha group's bid to buy Jaypee Infratech Ltd, a development that comes as a relief for more than 20,000 homebuyers nearly six years after the debt-ridden company entered into the insolvency process. The ruling, which also comes nearly two years after the Committee of Creditors (CoC) gave its nod for Suraksha group's offer, will pave the way for the completion of more than 20,000 housing units in various stalled projects of Jaypee Infratech Ltd (JIL) spread across Noida and Greater Noida in the national capital region. "Homebuyers of Jaypee are happy and it is a real Holi gift for them. We expect Suraksha to start the construction as prescribed in the resolution plan and deliver them as per the schedule ...

Debt-ridden Jaypee Infratech, which is facing insolvency proceedings, on Tuesday said that all the consortium lenders -- excluding ICICI Bank -- have assigned their debt to National Asset Reconstruction Company Ltd (NARCL). Jaypee Infratech Ltd (JIL) is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the provisions of the Insolvency & Bankruptcy Code (IBC) following an order dated August 9, 2017, passed by the Allahabad-Bench of National Company Law Tribunal (NCLT). The case has been reserved for orders on the approval of the resolution plan in respect of JIL before the NCLT, Principal Bench, Delhi. In a regulatory filing, JIL said the company has been financed by a consortium of lenders comprising IDBI Bank Ltd, India Infrastructure Finance Company Ltd, Union Bank of India, Life Insurance Corporation of India, State Bank of India, Canara Bank, Bank of Maharashtra, IFCI Ltd, J&K Bank Ltd and ICICI Bank -- which also form part of the Committee of ...

Jaypee Infratech deal expected to close by early Nov

Suraksha group said the company expects to get the approval of the NCLT by March to acquire Jaypee Infratech Ltd (JIL) through insolvency process and complete around 20,000 flats for homebuyers

Will infuse working capital funds, deploy a new tech team to revive stalled work; plans to collect dues from home buyers and monetise unsold inventory to expedite construction

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 the CoC meeting, resolution professional asked NBCC to first get permission from Yamuna Express Industrial Development Authority (YEIDA) for its offer to transfer part of land bank to the lender.

State-owned NBCC and Suraksha group are in the fray to acquire the debt-laden realty firm Jaypee Infratech Ltd (JIL) and complete over 20,000 pending flats for homebuyers

Our top headlines on Tuesday track the latest developments

Committee of Creditors gives Suraksha and NBCC India seven days to file revised bids.

Homeowners, Suraksha cry foul; say move illegal as per SC order

Lenders and homebuyers of Jaypee Infratech will meet on May 15 to discuss the revised bids submitted by state-owned NBCC and Suraksha group to acquire debt-laden realty firm through insolvency process

NBCC and Suraksha group, which are in the race to acquire Jaypee Infratech under the insolvency resolution process, have submitted revised bids and improved their offers for financial creditors.