Suraksha Grp gets Approval from Lenders & Homebuyers to Take Over Jaypee Infratech

Suraksha group on June 23 received the nod from financial creditors and homebuyers to takeover the embattled real estate firm Jaypee Infratech Ltd (JIL). As many as 98.66% of lenders voted in favour of the Suraksha Group’s bid.
BY Realty Plus
Published - Saturday, 26 Jun, 2021

Suraksha group on June 23 received the nod from financial creditors and homebuyers to takeover the embattled real estate firm Jaypee Infratech Ltd (JIL). As many as 98.66% of lenders voted in favour of the Suraksha Group’s bid. The NBCC bid received 98.54% votes from the committee of creditors. JIL also informed the stock exchanges about the voting results. According to the regulatory filing, Suraksha group got 41.91 percent vote from 12 banks out of their total voting right of 43.25 percent, while NBCC got 41.79 percent vote from institutional financial creditors, which have submitted claims of Rs 9,783 crore. All the banks, barring ICICI Bank which has 1.34 percent votes, voted in favour of Suraksha group. Two lenders voted against NBCC's bid -- ICICI Bank and Srei Equipment Finance Ltd (0.12 percent voting share). Both Suraksha and NBCC received the full 56.62 percent and 0.13 votes of homebuyers and FD holders, respectively. Voting on the bids submitted by the government’s construction arm NBCC and Suraksha Group began on June 14 and ended on June 23. The IRP Anuj Jain will now file an application with NCLT alongwith the Suraksha plan by the first week of July and NCLT will then have to approve it.