Real Estate

Jaypee Infratech’s CoC defers voting on Suraksha Realty’s resolution plan

Our Bureau | | Updated on: May 24, 2021
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CoC decided to put to vote the final Resolution Plan on May 28

The Committee of Creditors (CoC) of Jaypee Infratech decided to defer the voting scheduled to commence from May 24, 2021 on the final Resolution Plan of Suraksha Realty Ltd along with Lakshdeep Investments and Finance Private Ltd and other items.

The CoC also decided to put to vote from May 27, 2021 to May 28, 2021 the proposal of allowing further time to both Resolution Applicants for submitting final Resolution Plan; and other items, as per Jaypee Infratech’s regulatory filing.

Jaypee Infratech lenders to meet on Monday

NBCC had earlier challenged a decision by CoC to consider only the bid submitted by Suraksha Group to acquire Jaypee’s stressed assets.

NBCC had also submitted a bid, but it was rejected on the grounds that it was non-compliant with provisions of the Insolvency and Bankruptcy Code.

The Suraksha Group has proposed to give 2,651 acres to lenders to settle the ₹7,116-crore debt. Suraksha Group intends to keep Yamuna Expressway with itself. It has offered to complete pending works of around 20,000 housing units in 42 months.

Published on May 24, 2021

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