New Delhi, In a major relief to over 20,000 homebuyers, Suraksha Group has taken control of debt-ridden realty firm Jaypee Infratech by forming a three-member board and is planning to soon start construction of stalled residential projects. Will invest Rs 125 crore equity fund for this. Delhi-NCR.
The acquisition follows the May 24 verdict of bankruptcy appellate tribunal NCLAT, which had upheld Suraksha Realty's bid to acquire Jaypee Infratech, while directing it to pay an additional Rs 1,334 crore as compensation to farmers. was given.
According to a regulatory filing by Jaypee Infratech on Wednesday, the security group informed the IMC (Implementation and Monitoring Committee) that May 24, 2024, i.e., the date of the NCLAT order, should be considered as the 'approval date' as approved. Is defined in. The resolution plan.IMC in its meeting held on Tuesday approved the appointment of Suraksha Group promoter Sudhir V Walia as non-executive director. It approved the appointment of Alok Champak Dave as executive director and Usha Anil Kadam as independent director.Dave has also been appointed as the Managing Director and Chief Executive Officer.
According to the filing, Walia was an executive director at Sun Pharmaceuticals Industries Ltd. He is the co-founder of Sun Pharmaceutical Industries, one of the leading pharmaceutical companies and the fifth largest generic pharmaceutical company in the world.
Walia is a member of the Institute of Chartered Accountants of India and has over three decades of experience in taxation and finance. He has over a decade of experience in managing real estate development activity and infrastructure business through Suraksha Realty and other associates engaged in real estate activity.According to sources, Suraksha Group will infuse Rs 125 crore equity fund in Jaypee Infratech by June 15 and will start the construction process soon. It will also start making payments to YEIDA as per schedule.
Upholding the National Company Law Tribunal (NCLT) judgment of March 2023, NCLAT had on May 24 said the decision was taken to avoid any delay in the implementation of the resolution plan and to take care of the interests of all stakeholders. . Yamuna Express Development Authority YEIDA's claim for additional compensation to home buyers and farmers.
The corporate insolvency resolution process (CIRP) against Jaypee Infratech Limited (JIL) was initiated in August 2017 on an application by an IDBI Bank-led consortium.On March 7 last year, NCLT had approved Mumbai-based Suraksha Group's bid to buy JIL. However, several parties, including YEIDA, filed a petition in NCLAT to challenge the NCLT order.
In its 99-page order, the NCLAT had said, “The order passed by the Adjudicating Authority (NCLT) in so far as it relates to the claim of the Appellant (YEIDA) for additional farmer compensation of Rs 1,689 crore, is set aside and resolved. The balance order approving the scheme is maintained.
“The successful resolution applicant (Suraksha Group) is directed to pay Rs 1,689 crore to the Appellant in the proportion of 79 per cent of its secured operational debt which has been paid to other secured creditors, amounting to Rs 1,334.31 crore. “In its final resolution plan, Suraksha Group offered over 2,500 acres of land to bankers and around Rs 1,300 crore through the issue of non-convertible debentures.It is also proposed to complete all the pending flats in the next four years.
The lenders of Jaypee Infratech had presented a claim of Rs 9,783 crore.
In the fourth round of the bidding process to find a buyer for Jaypee Infratech in 2021, Suraksha Group won the bid with 98.66 per cent votes. At least 12 banks and over 20,000 home buyers have voting rights in the Committee of Lenders (CoC). Had the right.
The company had received 0.12 per cent more votes than state-owned NBCC, which was also in the fray.
In the first round of insolvency proceedings in 2018, Lakshadweep's bid of Rs 7,350 crore, part of Suraksha Group, was rejected by lenders.The CoC had rejected the bids of Suraksha and NBCC in the second round held in May-June 2019.
In November 2019, the Supreme Court directed that revised bids be invited only from NBCC and Suraksha.
Then, in December 2019, the CoC approved NBCC's resolution plan during the third round of the bidding process. In March 2020, NBCC got approval from NCLT to acquire JIL. However, the order was challenged in the NCLAT and later in the Supreme Court.On March 21, 2021, the apex court ordered a fresh round of bidding only between NBCC and Suraksha Group.
The acquisition follows the May 24 verdict of bankruptcy appellate tribunal NCLAT, which had upheld Suraksha Realty's bid to acquire Jaypee Infratech, while directing it to pay an additional Rs 1,334 crore as compensation to farmers. was given.
According to a regulatory filing by Jaypee Infratech on Wednesday, the security group informed the IMC (Implementation and Monitoring Committee) that May 24, 2024, i.e., the date of the NCLAT order, should be considered as the 'approval date' as approved. Is defined in. The resolution plan.IMC in its meeting held on Tuesday approved the appointment of Suraksha Group promoter Sudhir V Walia as non-executive director. It approved the appointment of Alok Champak Dave as executive director and Usha Anil Kadam as independent director.Dave has also been appointed as the Managing Director and Chief Executive Officer.
According to the filing, Walia was an executive director at Sun Pharmaceuticals Industries Ltd. He is the co-founder of Sun Pharmaceutical Industries, one of the leading pharmaceutical companies and the fifth largest generic pharmaceutical company in the world.
Walia is a member of the Institute of Chartered Accountants of India and has over three decades of experience in taxation and finance. He has over a decade of experience in managing real estate development activity and infrastructure business through Suraksha Realty and other associates engaged in real estate activity.According to sources, Suraksha Group will infuse Rs 125 crore equity fund in Jaypee Infratech by June 15 and will start the construction process soon. It will also start making payments to YEIDA as per schedule.
Upholding the National Company Law Tribunal (NCLT) judgment of March 2023, NCLAT had on May 24 said the decision was taken to avoid any delay in the implementation of the resolution plan and to take care of the interests of all stakeholders. . Yamuna Express Development Authority YEIDA's claim for additional compensation to home buyers and farmers.
The corporate insolvency resolution process (CIRP) against Jaypee Infratech Limited (JIL) was initiated in August 2017 on an application by an IDBI Bank-led consortium.On March 7 last year, NCLT had approved Mumbai-based Suraksha Group's bid to buy JIL. However, several parties, including YEIDA, filed a petition in NCLAT to challenge the NCLT order.
In its 99-page order, the NCLAT had said, “The order passed by the Adjudicating Authority (NCLT) in so far as it relates to the claim of the Appellant (YEIDA) for additional farmer compensation of Rs 1,689 crore, is set aside and resolved. The balance order approving the scheme is maintained.
“The successful resolution applicant (Suraksha Group) is directed to pay Rs 1,689 crore to the Appellant in the proportion of 79 per cent of its secured operational debt which has been paid to other secured creditors, amounting to Rs 1,334.31 crore. “In its final resolution plan, Suraksha Group offered over 2,500 acres of land to bankers and around Rs 1,300 crore through the issue of non-convertible debentures.It is also proposed to complete all the pending flats in the next four years.
The lenders of Jaypee Infratech had presented a claim of Rs 9,783 crore.
In the fourth round of the bidding process to find a buyer for Jaypee Infratech in 2021, Suraksha Group won the bid with 98.66 per cent votes. At least 12 banks and over 20,000 home buyers have voting rights in the Committee of Lenders (CoC). Had the right.
The company had received 0.12 per cent more votes than state-owned NBCC, which was also in the fray.
In the first round of insolvency proceedings in 2018, Lakshadweep's bid of Rs 7,350 crore, part of Suraksha Group, was rejected by lenders.The CoC had rejected the bids of Suraksha and NBCC in the second round held in May-June 2019.
In November 2019, the Supreme Court directed that revised bids be invited only from NBCC and Suraksha.
Then, in December 2019, the CoC approved NBCC's resolution plan during the third round of the bidding process. In March 2020, NBCC got approval from NCLT to acquire JIL. However, the order was challenged in the NCLAT and later in the Supreme Court.On March 21, 2021, the apex court ordered a fresh round of bidding only between NBCC and Suraksha Group.
