In June final yr, Mumbai-based Suraksha group acquired the approval of monetary collectors and homebuyers to take over the JIL, elevating hopes for round 20,000 homebuyers of getting possession of their dream flats.

The Nationwide Firm Regulation Tribunal (NCLT) will hear on March 7 and March 9 issues associated to approval of the Suraksha group’s bid to accumulate debt-ridden realty agency Jaypee Infratech Ltd.

In a regulatory submitting, Jaypee Infratech Ltd (JIL) stated the itemizing of matter of decision plan, together with associated pleas, is listed for consideration earlier than the Nationwide Firm Regulation Tribunal, Principal Bench, New Delhi, on March 7 and March 9.

In June final yr, Mumbai-based Suraksha group acquired the approval of monetary collectors and homebuyers to take over the JIL, elevating hopes for round 20,000 homebuyers of getting possession of their dream flats.

Suraksha group obtained the approval of the committee of collectors (CoC) to accumulate JIL, after the 10-day-long voting course of.
Suraksha group received the bid with 98.66 per cent votes and it obtained 0.12 per cent extra votes than NBCC.
As many as 12 banks and greater than 20,000 homebuyers have voting rights within the CoC.

Homebuyers and collectors have 56.63 per cent and 43.25 per cent voting rights, respectively. Fastened deposit holders have 0.13 per cent voting rights.
That is the fourth spherical of bidding course of to discover a purchaser for JIL, which went into the company insolvency decision course of (CIRP) in August 2017. Anuj Jain is JIL’s interim decision skilled (IRP).

Lenders have submitted a declare of Rs 9,783 crore.
In its closing decision plan, Suraksha group had provided to bankers over 2,500 acres of land and almost Rs 1,300 crore by the use of issuing non-convertible debentures.

It has additionally proposed to finish all pending flats over the subsequent 4 years.

JIL went into the insolvency course of in August 2017 after the NCLT admitted an software by an IDBI Financial institution-led consortium.
Within the first spherical of insolvency continuing, the Rs 7,350-crore bid of Lakshadweep, a part of Suraksha group, was rejected by lenders.
The CoC had rejected the bids of Suraksha and NBCC within the second spherical held in Could-June 2019.

In November 2019, the Supreme Courtroom directed that the revised bids be invited solely from NBCC and Suraksha.
Then, in December 2019, the CoC authorized the decision plan of NBCC with a 97.36 per cent vote in favour through the third spherical of the bidding course of.
In March 2020, NBCC had obtained approval from the NCLT to accumulate JIL.

Nonetheless, the order was challenged earlier than the NCLAT and later within the Supreme Courtroom.
The apex courtroom on March 24, 2021, ordered for recent spherical of bidding between the NBCC and the Suraksha group solely.

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