Mumbai-based Suraksha Group on Sunday said it expects approval of the National Company Law Tribunal (NCLT) by March to acquire Jaypee Infratech Ltd (JIL) through insolvency proceedings and prepare around 20,000 flats for home buyers.
Mumbai-based Suraksha Group on Sunday said it expects approval of the National Company Law Tribunal (NCLT) by March to acquire Jaypee Infratech Ltd (JIL) through insolvency proceedings and prepare around 20,000 flats for home buyers. Meanwhile, Alok Dave, managing director and chief executive officer of Suraksha ARC, said that the company is preparing to start construction work on all stalled projects immediately after the approval of the NCLT.
The security group on Sunday organized a two-hour webinar to address the concerns of home buyers stuck in various projects of JIL in Noida and Greater Noida in Uttar Pradesh.
Suraksha Group had received approval from financial creditors and home buyers to acquire JIL in June last year, raising hopes of homebuyers getting possession of their flats.
Dave told the home buyers that the National Company Law Tribunal (NCLT), Delhi is giving top priority to the matter. He said that we hope to get the order by March. It may have come earlier. He expressed confidence that the company will get the NCLT’s nod on its resolution plan, as legal hurdles are less this time.
Let us tell you that for the past several years, the homebuyers of Jaypee Infratech are worried about their dream home.
What is the matter?
JIL came under insolvency process in August 2017. The bank group led by IDBI Bank had applied in NCLT. In the first round of insolvency proceedings, the Rs 7,350 crore bid of Suraksha Group company Lakshadweep was rejected by the lenders. After this, in the second round held in May-June 2019, the bids of Suraksha Realty and NBCC were also rejected by the CoC.
The matter first reached the NCLT and then the Supreme Court. In November 2019, the Supreme Court directed that bids be invited only from NBCC and Suraksha Group for the acquisition of JIL. The committee of lenders then approved the resolution plan of NBCC in the third round of bidding in December 2019 with 97.36 per cent votes.
In March 2020, NBCC also got approval from NCLT to acquire JIL. But the order of the NCLT was challenged in the NCLAT, the matter later once again reached the Supreme Court. The Supreme Court on March 24 this year ordered to invite fresh bids only from NBCC and Security.
Earlier, between May 20 and May 24, there were rounds of allegations and counter-allegations regarding the bids. It was finally decided through the voting process held on 27-28 May that additional time should be given to NBCC and the Security Group to submit the revised and final bids. After this, on June 10, the CoC decided to put the bids of NBCC and the security group together for voting. The decision of this voting has come out today.
(with PTI input)