The National Company Law Tribunal has approved the resolution plan of Suraksha Reality Ltd along with Lakshdeep Investments and Finance Private Ltd to acquire Jaypee Infratech Ltd under the debt resolution process.
Existing public shareholders of Jaypee Infra shall be given an aggregate exit at a price of ₹0.14 crore which is not less than the liquidation value.
Suraksha group has offered to complete around 20,000 flats and provide relief to homebuyers who have been waiting for their homes for more than a decade.
Surakhsha group’s bid had received 98.66 per cent of the votes of from the committee of creditors (CoC). State-owned NBCC India had also submitted a bid and got 98.54 per cent of the CoC votes. Suraksha has also 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.
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.