JAYPEE INFRA NCLAT
Jaypee Infratech appoints Devang Pravin Patel as CFO; to delist company shares from bourses
Suraksha Group takes control of Jaypee Infratech Ltd, appoints Devang Pravin Patel as CFO, and plans to delist shares from stock exchanges.
Jaypee Infra insolvency: Suraksha group to pay 1st instalment of Rs 133 cr to YEIDA before Aug 24
Suraksha Group, now controlling debt-ridden Jaypee Infratech, will pay ₹133 crore to Yamuna Expressway Industrial Development Authority (YEIDA) within three months as part of a ₹1,334 crore compensation to farmers. This follows the NCLAT's recent ruling, which upheld Suraksha's bid and mandates payments over the next four years to resolve farmer claims and complete stalled housing projects.
NCLAT upholds NCLT order on Jaypee Infra; asks Suraksha to pay additional Rs 1,300 crore
NCLAT affirmed Suraksha Realty's acquisition bid for Jaypee Infratech but mandated an extra Rs 1,300 crore as farmers' compensation. The decision aimed to expedite the resolution plan, addressing concerns of stakeholders, including homebuyers and YEIDA. Suraksha pledged timely payment, aiming to resolve the debt-ridden firm's fate.
SC to examine validity of Rs 33,000 crore I-T claim on Jaypee Infra
The Supreme Court will review the validity of the Income-Tax commissioner's assessment of Jaypee Infratech Ltd (JIL), which raised a claim of ₹33,000 crore. The court has requested the Central Board of Direct Taxes to examine the order and file an affidavit within four weeks. The National Company Law Tribunal (NCLT) approved the resolution plan of Suraksha Realty and Lakshdeep Investments and Finance, allowing them to take over JIL for ₹20,363 crore.
Ray of hope for 20,000 homebuyers as work begins in Jaypee Infra's 'ghost town' in Noida
For nearly 20,000 Jaypee Infratech Limited (JIL) homebuyers, who have been waiting for the hand over of their flats for more than 13 years, a ray of hope has emerged as the work on at least 59 unfinished towers in the erstwhile 'ghost town' begins to speed up.
Jaypee Infra insolvency: Suraksha Group to infuse Rs 250 crore, arrange Rs 3,000 crore loan to complete 20,000 flats
On March 7, National Company Law Tribunal (NCLT), Principal Bench New Delhi approved the resolution plan of Suraksha Realty Ltd and Lakshdeep Investments and Finance Pvt Ltd to takeover JIL. A monitoring committee will be set up by Interim Resolution Professional (IRP) in seven days, and it will take all necessary steps for expeditious implementation of the resolution plan.
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NCLT approves Suraksha Group's bid to acquire Jaypee Infratech, complete 20,000 flats in stalled projects
The National Company Law Tribunal approved Mumbai-based Suraksha group's resolution plan of Jaypee Infratech Limited and complete around 20,000 flats across various projects in the national capital region. In November last year, the tribunal had reserved its order on Suraksha group's bid to acquire Jaypee Infratech and complete around 20,000 flats for aggrieved homebuyers in Noida and Greater Noida.
Jaypee Infra insolvency: Consortium lenders, except ICICI Bank, assign their debt to NARCL
Jaypee Infratech Ltd (JIL) is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the provisions of the Insolvency & Bankruptcy Code (IBC) following an order dated August 9, 2017, passed by the Allahabad-Bench of National Company Law Tribunal (NCLT).
Suraksha group expects NCLT nod by March to acquire Jaypee Infra; gearing up to start construction
In the meantime, Suraksha ARC Managing Director and Chief Executive Officer Aalok Dave said the company is making preparations internally to start construction work on all stalled projects soon after the NCLT approval.
Jaypee Infra insolvency: IRP Anuj Jain files Suraksha group's resolution plan with NCLT
On June 23, financial creditors of Jaypee Infratech Ltd (JIL) picked Mumbai-based Suraksha group over state-owned NBCC for taking over the insolvent firm, raising hopes that thousands of homebuyers may finally get possession of their flats after many years of delay.
NBCC says its bid to acquire Jaypee Infratech compliant, backed by govt
NBCC is in the race to acquire Jaypee Infratech Ltd (JIL). In a webinar this Sunday, the NBCC assured homebuyers that its bid is concrete, fully backed by the government and the PSU will complete over 20,000 pending flats on time.
Creditors decide to put NBCC, Suraksha's Jaypee Infra bids to vote from Monday
Jaypee Infratech’s creditors have accepted the resolution plans of NBCC and the Suraksha Group for the bankrupt developer and decided to put both offers to vote next week to select the winner, people with direct knowledge of the matter said.
Jaypee Infra IRP files application before Supreme Court seeking extension of insolvency process
In March 2020, NBCC had got approval from the NCLT to acquire JIL.
Jaypee Infra insolvency: Creditors to consider bids of Suraksha, NBCC on Thursday
According to sources, the CoC has decided to consider Suraksha's bid as well, even though it was submitted after the official deadline of June 4.
Jaypee Infra insolvency: Suraksha group submits bid just before lenders meet on Monday
NBCC, however, submitted its resolution plan. According to sources, Suraksha group has submitted its resolution plan just before the meeting of JIL's creditors panel scheduled for Monday.
NBCC submits final bid to buy Jaypee Infra; Suraksha seeks more time to make offer
According to the sources, NBCC has submitted the final bid and it is compliant with the Insolvency and Bankruptcy Code (IBC) provisions and a Supreme Court order passed in March this year.
NBCC, Suraksha submit revised bids for Jaypee Infra
State-owned NBCC and Suraksha group, which are on the fray to acquire Jaypee Infratech Ltd (JIL) through an insolvency resolution process, have submitted their revised bids and have also clarified issues raised by financial creditors.
Jaypee Infra insolvency: NBCC, Suraksha asked to submit revised bids by Tuesday
The JIL went into the insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium. In the first round of insolvency proceeding, the Rs 7,350-crore bid of Lakshadweep, part of Suraksha Group, was rejected by lenders.
Jaypee Infra insolvency: Financial creditors meet on May 15 to discuss bids
The agenda of the meeting was not disclosed. However, sources said that the lenders and homebuyers will discuss the revised bids submitted on Monday by the two parties that are in race to acquire JIL.
Jaypee Infra insolvency: NBCC, Suraksha submit revised bids
New Delhi, May 11 () State-owned NBCC and Suraksha group, which are in the race to acquire Jaypee Infratech under the insolvency resolution process, have submitted revised bids and improved their offers for financial creditors.
Supreme Court directs UP Police to immediately release Jaypee Infra IRP
The division bench of Justice AM Khanwilkar and Justice Dinesh Maheshwari while granting bail also observed that the police officer dealing with the case was not familiar with the provisions of the privilege of interim resolution appointed by the Court, in terms of Section 233 of the Insolvency and Bankruptcy Code.
Jaypee Infra case: Suraksha may offer more cash & land to lenders, higher penalty to buyers
Suraksha Realty may offer more cash & land to lenders and higher penalty to homebuyers to acquire Jaypee.
Jaypee Infra: Lenders ask bidders to sweeten offers
Homebuyers asked the NBCC to compensate for huge delay in completion of flats.
Jaypee Infra insolvency: Homebuyers seek further negotiation on NBCC's revised bid
P&A Law Offices has written a letter to Kuldeep Verma, who is an authorised representative of homebuyers in CoC. "The homebuyers unequivocally wish that NBCC should take over the JIL (Jaypee Infratech Ltd)....You are hereby instructed to endeavour to negotiate with NBCC so that its revised bid can be voted upon first," the letter said.
Jaypee Infra insolvency: Lenders to meet on Nov 28 for further discussions on NBCC, Suraksha bids
NBCC and Suraksha might be asked to submit their final plans after the next CoC meet on November 28 and voting process could be conducted before December 10. As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have nearly 60 per cent votes. For a bid to be approved, 66 per cent votes are required.
Complete corporate insolvency resolution process of Jaypee Infra Ltd within 90 days: Supreme Court
The apex court directed completion of the corporate insolvency resolution process for Jaypee Infratech Ltd (JIL) within 90 days. The court further asserted that the pendency of any other application before the NCLT or NCLAT, including any interim direction, shall be no impediment for the IRP to receive and process the revised resolution plans from the two bidders.
Jaypee Infra insolvency: NCLAT permits fresh bids, extends resolution period for 90 days
To enable the fresh bidding process, the NCLAT extended the resolution period of Jaypee Infratech for another 90 days.
NCLAT reserves order on Jaypee Infra land mortgaged with Jaiprakash's lenders
The appellate tribunal directed all the banks to file their written submissions by Friday over their claims.
Jaypee Infra insolvency: Lenders put 5 conditions to NBCC for considering bid
NBCC was unlikely to dilute certain conditions but was open to negotiating on the offer related to unsold flats.
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