Jaypee Infratech Bid

Suraksha Realty had made the winning bid of Rs 7,736 crore as against government-owned NBCC India's Rs 6,536 crore offer in June 2021

NCLT on Tuesday directed to list the pleas related to the Suraksha group's bid to acquire debt-ridden realty firm Jaypee Infratech on October 26 for hearing

Financial creditors of embattled Jaypee Infratech have decided to give more time to state-owned NBCC and Suraksha group to submit their final bids to acquire the realty firm through insolvency process

Despite being sent to the bankruptcy courts in August 2017 and SC orders, lenders await resolution of Rs 22,000 cr debt

Earlier this month, NBCC and Mumbai-based Suraksha group submitted their revised bids to acquire Jaypee Infratech through an insolvency process

NBCC has proposed to complete over 20,000 flats in the next three-and-a-half years

Suraksha Realty is owned by Sudhir Valia, the brother-in-law of Sun Pharma promoter Dilip Shanghvi

Anuj Jain was appointed as an interim resolution professional (IRP) to conduct insolvency process and also manage the affairs of the company.

NBCC Ltd is also actively considering offering more land to lenders and reduce timeline for completion of about 20,000 flat

The Committee of Jaypee Creditors met NBBC and Suraksha representatives for several hours to discuss threadbare their takeover offers, before asking them to further revise the bids, say sources

Homebuyers of Jaypee Infratech want NBCC to acquire the debt-laden firm in an ongoing insolvency process and have asked their representative in a panel of creditors to further negotiate on the bid submitted by the state-owned firm. P&A Law Offices, which represents and advises nine registered homebuyers associations, has written a letter to Kuldeep Verma, who is an authorised representative of homebuyers in a committee of creditors (CoC). "The homebuyers unequivocally wish that NBCC should take over the JIL (Jaypee Infratech Ltd)....You are hereby instructed to endeavour to negotiate with NBCC so that its revised bid can be voted upon first," the letter said. The law firm pointed out that the bid of Suraksha Realty, which is also in the race to acquire JIL, could be first put for voting process as per the current result of evaluation of resolutions plans of the two contenders. While negotiating with the NBCC, homebuyers have asked their representative Verma to ensure claim for ...

According to sources, as per the tentative timeline set in the CoC's meeting on Monday, both the bidders -- NBCC and Suraksha Realty -- would have to submitted their final resolution, if any, by Dec 3

Jaypee Infratech owed nearly Rs 10,000 crore to bankers

Jaypee group firm Jaypee Infratech went into insolvency in 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium seeking resolution of the firm

At a recent meeting of the committee of creditors of Jay­pee Infratech, NBCC argued that upfront cash infusion into the company should not be the criteria for selecting a bidder