Suraksha Realty outbids NBCC for Jaypee Infra

The debt resolution plan of Mumbai-based Suraksha Realty Limited along with Lakshdeep Investments and Finance Private Limited has emerged the winning bid to acquire Jaypee Infratech, bagging 98.66 per cent of the votes of its Committee of Creditors.

State-owned NBCC India had also submitted a bid and it got 98.54 per cent of CoC votes.

A spokesperson for Suraksha said, “We assure home buyers of accelerated construction work… leading to faster deliveries as promised in our resolution plan… we look forward to the continued support of all stakeholders in our journey to bring back the beleaguered real estate project.”

Bidding process

This is the fourth round of the bidding process to find a buyer for JIL, which went into Corporate Insolvency Resolution Process in August 2017 after it defaulted on loans of ₹22,600 crore.

Suraksha had offered 2,552 acres to secured financial creditors with a fair value of ₹6,456 crore; ₹1,280 crore in instruments to secured financial creditors, and ₹29 crore to FD holders.

NBCC had offered 1,903-acre land to bankers and 90 per cent stake in Yamuna Expressway including 4,660 acres of expressway land and 137.85 acres of commercial land for development. It offered additional 100 acres for payment to homebuyers.