Jaypee Infratech Ltd

NCLT approved the resolution plan of Suraksha Realty Ltd and Lakshdeep Investments and Finance to takeover Jaypee Infratech

Adani group companies, HAL, L&T, Dr Reddy’s Lab, Sun Pharma, Power Grid, Zee Entertainment, Vikas Lifecare, Indraprastha Gas, Jaypee Infratech, Jindal Stainless, Allcargo Logistics, Welspun Corp, Star Paper Mills, NBCC India and Lumax Auto

Existing public shareholders of Jaypee Infra shall be given an aggregate exit at a price of ₹0.14 crore 

The ruling will pave the way for the completion of 20,000 housing units in various stalled projects of Jaypee Infratech Ltd across Noida and Greater Noida

Though there is no provision for providing rebidding opportunities under the IBC, it appears that NBCC might appeal to the NCLT, say expert

The company posted a consolidated net loss of ₹491.60 crore for the quarter

The final voting will conclude only on June 23

CoC decided to put to vote the final Resolution Plan on May 28

NBCC wrote to the company’s debt resolution professional Anuj Jain, questioning his jurisdiction and also sent clarification on the queries raised by the lenders