Suraksha group's proposal, which was recently accepted by financial creditors, has been submitted with the National Company Law Tribunal by Jaypee Infratech's Interim Resolution Professional (IRP) Anuj Jain. According to a regulatory filing on Thursday, the IRP filed "the resolution plan of Suraksha Realty Ltd along with Lakshdeep Investments and Finance Pvt Ltd (Suraksha) as approved by Committee of Creditors (CoC) with the Adjudicating Authority i.e. Hon'ble National Company Law Tribunal, Principal Bench, New Delhi" on July 7. On June 23, financial creditors of Jaypee Infratech Ltd (JIL) picked Mumbai-based Suraksha group over state-owned NBCC for taking over the insolvent firm, raising hopes that thousands of homebuyers may finally get possession of their flats after many years of delay. On June 23, the 10-day voting period on the takeover bids presented by the Suraksha group and NBCC came to an end. Suraksha Group received 98.66% of the votes in a close race, while NBCC received 98.54%.
Suraksha Group will need the National Company Law Tribunal's permission after the CoC clearance (NCLT). A favourable resolution of JIL would give significant relief to over 20,000 homeowners across the realty developer's numerous housing projects in Noida and Greater Noida (Uttar Pradesh). JIL was placed in the Corporate Insolvency Resolution Process (CIRP) in August 2017 after the NCLT accepted an application by an IDBI Bank-led consortium. Lenders rejected Lakshadweep, part of the Suraksha group's Rs. 7,350-crore proposal in the first round of insolvency proceedings. Suraksha Realty and NBCC's proposals were rejected by the CoC in the second round, which took place in May-June 2019.
The case was heard by the National Company Law Appellate Tribunal (NCLAT) and later by the Supreme Court. The Supreme Court ruled in November 2019 that updated proposals be solicited exclusively from NBCC and Suraksha. Then, in December 2019, the CoC accepted NBCC's resolution plan with 97.36% support during the third round of the bidding process.
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