The Competition Commission of India (CCI) has given Suraksha Group permission to buy out bankrupt township developer Jaypee Infratech Ltd. (JIL).
Suraksha’s Rs 7736 resolution plan earned 98.66% of the vote in a voting period of nine days compared to 98.54% of the voting shares of NBCC.
The authorization allows JIL to acquire control, holdings, voting rights in JIL assets.
Suraksha is involved in building and developing immovables by means of joint ventures with other developers in Mumbai and Thane, Maharashtra. It also invests in energy generation, renewables, pharmaceutical and financial services including ownership of firms for asset rehabilitation.
JIL lenders had provided the two bidders with extra time to review their proposals to maximize their achievement.
With this clearance, lenders should have a haircut of more than 65%.
JIL was accepted in a bankruptcy procedure by an association run by the state-supported IDBI Bank in August 2017 on a request for duties valued at Rs 4,334 crore. The lender group consists of almost 20,000 homebuyers and 13 institutions.
A total of around Rs. 22,600, as per claims during insolvency, is owed to the disputed city developer.
JIL was established in April 2007 to build, run, and maintain the Yamuna Expressway, which connects Noida and Agra in Uttar Pradesh. It has the right to develop 25 million square meters (about 6,175 acres) of property along the Yamuna Expressway in five sites for residential, commercial, entertainment, industrial, and institutional use.