Jaypee Infratech takeover by NBCC August 2017, NCLT admitted an application by IDBI Bank-led consortium.
Homebuyers' claim amounting to ₹13,364 crore and
lenders' claim worth ₹9,783 crore were admitted.
In the first round of insolvency proceedings conducted last year,
the ₹7,350-crore bid of Lakshadweep, part of Suraksha Group,
was rejected by lenders.
second round held in May-June 2019
Suraksha Realty and NBCC
The CoC rejected the bids
The matter reached the
National Company Law Appellate Tribunal (NCLAT)
and then the apex court.
On November 6, 2019,
the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days
and the revised resolution plan to be invited only from NBCC and Suraksha Realty.
In its bid,
NBCC had proposed to complete over 20,000 pending flats in housing projects launched by Jaypee Infratech
in Noida and Greater Noida.
NBCC offered 1,526 acres of land to lenders under a land-debt swap deal.
NBCC proposed to transfer the road asset On Yamuna Expressway to lenders
but before that it would take a loan of around ₹2,500 crore against toll revenue to fund construction spend.
On December 7, 2019, the CoC decided to put on vote simultaneously
the bids of NBCC and Suraksha Realty.
a committee of creditors (CoC) comprising 13 banks and around 21,000 homebuyers,
approved the resolution plan of NBCC with 97.36 per cent vote in favour.
State-owned NBCC on Tuesday got approval from the NCLT to acquire Jaypee Infratech
through an insolvency process
complete around 20,000 pending flats over the next three and half years.
To help NBCC in faster completion of stuck projects of Jaypee Group,
the tribunal ordered that the ₹750 crore deposited by Jaypee Infratech's parent firm Jaiprakash Associates Ltd (JAL)
with the registry of the Supreme Court would be part of the resolution plan.
The successful resolution of Jaypee Infratech would not only provide a much-needed relief to thousands of distressed homebuyers
but also go a long way in reviving the Indian real estate sector,
especially the sluggish housing market of Delhi-NCR.
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