 "real estate")
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 Date' as defined in the approved resolution plan.
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Sudhir V Valia, promoter of Suraksha Group, has been appointed as a Non Executive Director on the JIL board.
Aalok Champak Dave has been appointed as Executive Director and Usha Anil Kadam as independent director.
Upholding the National Company Law Tribunal's (NCLT) decision of March 2023, the NCLAT on May 24, 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 home buyers and claim of YEIDA for additional compensation of the farmers.
The corporate Insolvency Resolution Process (CIRP) against JIL was started in August 2017, over an application by the IDBI Bank-led consortium.
On March 7 last year, the NCLT approved the bid of the Mumbai-based Suraksha group to buy JIL. However, many parties, including YEIDA, filed a petition in the NCLAT challenging the NCLT order.
In its final resolution plan, the Suraksha group offered to bankers more than 2,500 acres of land and nearly Rs 1,300 crore by way of issuing non-convertible debentures. It also proposed to complete all stalled projects over the next four years.
Lenders of Jaypee Infratech had submitted a claim of Rs 9,783 crore.
In the fourth round of the bidding process to find a buyer for JIL in 2021, the Suraksha group won the bid with 98.66 per cent votes.
As many as 12 banks and more than 20,000 homebuyers had voting rights in the Committee of Creditors (CoC).
The company had got 0.12 per cent more votes than state-owned NBCC, which was also in the fray.
In the first round of insolvency proceedings in 2018, the Rs 7,350 crore bid of Lakshadweep, part of the Suraksha group, was rejected by the lenders.
The CoC had rejected the bids of Suraksha and NBCC in the second round held in May-June 2019.
In November 2019, the Supreme Court directed that the revised bids be invited only from NBCC and Suraksha.
Then, in December 2019, the CoC approved the resolution plan of NBCC during the third round of the bidding process.
In March 2020, NBCC got approval from the NCLT to acquire JIL. However, the order was challenged before the NCLAT and later in the Supreme Court.
On March 21, 2021, the apex court ordered a fresh round of bidding between NBCC and Suraksha Group only. In this fourth round, Suraksha Group won the bid.
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