Creditors reject Suraksha Realty's bid for Jaypee Infratech

Mumbai-based Suraksha Realty's bid to acquire debt-ridden Jaypee Infratech failed on Friday, with the creditors rejecting the offer, sources said.

Under the insolvency proceedings, 41 per cent of the members of the committee of creditors (CoC) voted against the proposal, while 23 per cent were in favour.

The remaining around 35 per cent abstained from the voting process, which started on April 30 and concluded on Friday. As much as 66 per cent votes is required for acceptance of a proposal.

Suraksha group was lone contender in the race to acquire Jaypee Infratech after the CoC rejected the bid of state-owned NBCC Ltd on the ground that the offer did not have approval from various government departments.