Jaypee insolvency: IRP files Suraksha group's resolution plan with NCLT

Jaypee Infratech's Interim Resolution Professional (IRP) Anuj Jain has filed Suraksha group's bid, which was recently approved by financial creditors, with the National Company Law Tribunal.

In a regulatory filing on Thursday, the company informed that the IRP on July 7 filed "the resolution plan of Suraksha Realty Ltd along with Lakshdeep Investments and Finance Pvt Ltd (Suraksha) as approved by Committee of Creditors (CoC) with the Adjudicating Authority i.e. Hon'ble National Company Law Tribunal, Principal Bench, New Delhi".

On June 23, financial creditors of Jaypee Infratech Ltd (JIL) picked Mumbai-based Suraksha group over state-owned NBCC for taking over the insolvent firm, raising hopes that thousands of homebuyers may finally get possession of their flats after many years of delay.

The 10-day-long voting process on the takeover proposals submitted by Suraksha group and NBCC ended on June 23. In a tight finish, Suraksha group got 98.66 per cent votes compared to NBCC's 98.54 per cent votes.

After the CoC nod, Suraksha group will require the approval of 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).

JIL went into Corporate Insolvency Resolution Process (CIRP) in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium.

In the first round of insolvency proceedings, the Rs 7,350-crore bid of Lakshadweep, part of Suraksha group, was rejected by lenders. The CoC had rejected the bids of Suraksha Realty and NBCC in the second round held in May-June 2019.

The matter reached the National Company Law Appellate Tribunal (NCLAT) and then the apex court.

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 with 97.36 per cent votes in favour during the third round of the bidding process.

In March 2020, NBCC had got approval from the NCLT to acquire JIL. However, the order was challenged before the NCLAT and later the Supreme Court, which on March 24 this year ordered that fresh bids should be invited only from NBCC and Suraksha.

The fourth round of bidding process was won by Suraksha group last month.