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New Delhi: Based in Mumbai security grouprecently received NCLT acceptance to receive Jaypee InfratechWill put 250 crore rupees in debt JP Group The firm will also arrange a loan of Rs 3,000 crore to complete around 20,000 apartments in various stalled projects over the next four years.
As per the resolution plan of Suraksha Group submitted in June 2021, Jaypee Infratech Limited (JIL) will be delisted and public shareholders will be given a total exit at a price of Rs 0.14 crore.
National Company Law Tribunal (NCLT), Principal Bench New Delhi approved the resolution plan on 7th March Suraksha Realty Ltd. and Lakshdeep Investment & Finance Private Limited will take over JIL. A Monitoring Committee will be constituted by the Interim Resolution Professional (IRP) in seven days and will take all necessary steps for speedy implementation of the resolution plan.
In a regulatory filing on Wednesday, Jaypee Infratech shared salient features and details of the resolution plan approved by the NCLT under the Insolvency and Bankruptcy Code, 2016.
As per the resolution plan submitted by Suraksha Group to the Committee of Creditors (CoC) in May-June 2021, Rs 125 crore in the form of equity and Rs 125 crore in debt to Jaypee Infratech should be done within 90 days from the approval date.
The Security Group will arrange a loan/credit facility of Rs 3,000 crore within 90 days from the date of approval, which will be used on a need basis to complete the projects.
For institutional financial creditors, Suraksha Group will issue zero coupon non-convertible debentures (NCDs) worth Rs 1,280 crore and will also offer around 2,550 acres of land worth Rs 6,457 crore (fair market value). Lenders of JIL have presented a claim of Rs 9,783 crore.
“It is proposed to delist the equity shares of the company…the existing public shareholders will be given a total exit at a price of Rs 0.14 crore, which in the opinion of the resolution applicants is not less than the liquidation value…the filing states that No amount will be given to the promoter shareholders.
On Tuesday, the NCLT approved Suraksha Group’s bid to buy Jaypee Infratech Ltd, a development that has come as a relief to over 20,000 home buyers, nearly six years after the debt-laden company entered the insolvency process. comes in
The decision, which comes nearly two years after the CoC approved the security group’s offer, will pave the way for the completion of over 20,000 housing units in various stalled projects of JIL spread across the National Capital Region, mainly Noida and Greater Noida . ,
Passing the order, the tribunal overruled the objections raised by the Yamuna Expressway Industrial Development Authority (YEIDA), dissident financial creditor ICICI Bank and JIL’s parent company Jaiprakash Associates Ltd (JAL).
The NCLT, in its 491-page order, had directed that out of Rs 750 crore deposited by Jaiprakash Associates Ltd (JAL) with the Supreme Court registry, JIL would receive Rs 542.62 crore, while Rs 106.9 crore would go to an escrow account. home buyers. JAL will get only Rs 100.48 crore.
As per the Supreme Court order, JAL had deposited a total of Rs 750 crore in 2018 in several installments before the apex court’s registry.
On November 22 last year, the NCLT had reserved its order on a petition filed by JIL’s IRP, seeking approval of the security group’s bid. In June 2021, the security group got the approval of the CoC, which includes banks and homebuyers.
In the fourth round of the bidding process to find a buyer for JIL in 2021, Suraksha Group won the bid with 98.66 per cent votes. 12 banks and over 20,000 homebuyers have voting rights in the CoC. The company got 0.12 per cent more votes than state-owned NBCC, which was also in the fray.
In the first round of insolvency proceedings in 2018, the Rs 7,350 crore bid of Lakshadweep, part of Suraksha Group, was rejected by the lenders.
The CoC had rejected the bids of Security and NBCC in the second round held in May-June 2019.
In November 2019, the Supreme Court directed that revised bids be invited only from NBCC and Security.
Then, in December 2019, the CoC approved NBCC’s resolution plan during the third round of the bidding process.
In March 2020, NBCC got approval from NCLT for the acquisition of JIL. However, the order was challenged in the NCLAT and later in the Supreme Court.
On March 21, 2021, the apex court ordered fresh bidding between NBCC and Suraksha Group only.
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