Suraksha wins bid to buy Jaypee Infratech

New Delhi, June 23

Mumbai-based Suraksha Group on Wednesday received the approval of financial creditors and homebuyers to take over debt-laden Jaypee Infratech Ltd (JIL), a development that raises hopes for homebuyers in getting possession of their flats after many years of delay.

This is the fourth round of bidding process to find a buyer for JIL, which went into Corporate Insolvency Resolution Process (CIRP) in August 2017.

“Suraksha group has won the bid with 98.66 per cent votes,” JIL’s Interim Resolution Professional (IRP) Anuj Jain said. It got 0.12% more votes than NBCC, he added.

Ray of hope for homebuyers

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• The voting process ended on Wednesday. More than 98% of the votes were in favour of Suraksha Group’s bid
• This is the fourth round of bidding process to find a buyer for Jaypee Infratech Ltd., which went into Corporate Insolvency Resolution Process in August 2017

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).

As many as 12 banks and more than 20,000 homebuyers have voting rights in the Committee of Creditors (CoC). Homebuyers and creditors have 56.63% and 43.25% voting rights, respectively. Fixed deposit holders have 0.13% voting rights.

Lenders have submitted a claim of Rs 9,783 crore. At least 66% votes are required for the approval of a bid. — PTI