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Wednesday, July 28, 2021

Jaypee Infra resolution: Suraksha edges out NBCC in CoC voting

Jaypee Infratech, which was admitted into insolvency in August 2017, has been through three rounds of unsuccessful bidding. This was the fourth round of bidding to find a bidder for JIL.

By: ENS Economic Bureau | New Delhi |
June 24, 2021 3:48:34 am
Commenting on the CoC’s decision, a spokesperson for Suraksha said the company remained committed to homebuyers and assured them of accelerated construction in all phases.

Mumbai-based realty firm Suraksha Group pipped state-owned NBCC by 0.12 per cent votes to receive approval of the committee of creditors (CoC) for its resolution plan for debt-laden Jaypee Infratech (JIL). Suraksha Group received more than 98 per cent of the votes in favour of its resolution plan.

Jaypee Infratech, which was admitted into insolvency in August 2017, has been through three rounds of unsuccessful bidding. This was the fourth round of bidding to find a bidder for JIL.

“Suraksha Group has won the bid with 98.66 per cent votes. It got 0.12 per cent more votes than NBCC,” JIL’s interim resolution professional Anuj Jain said after the 10-day voting on the revised resolution plans of the Suraksha and NBCC concluded Wednesday.

Commenting on the CoC’s decision, a spokesperson for Suraksha said the company remained committed to homebuyers and assured them of accelerated construction in all phases.

“… we look forward to the continued support of all stakeholders in our journey to bring back the beleaguered real estate project to fulfill the dreams of thousands of homebuyers,” the person added.

Twelve banks and more than 20,000 homebuyers have voting rights in the CoC for JIL. While homebuyers have a majority of nearly 57 per cent voting rights, lenders have 43 per cent rights.

As per the results, Suraksha got 41.91 per cent votes from 12 banks out of their total voting right of 43.25 per cent, while NBCC got 41.79 per cent from institutional financial creditors. All the banks, barring ICICI Bank which has 1.34 per cent votes, voted for Suraksha.

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