NCLT dismissed the objections raised by Yamuna Expressway Industrial Development Authority and ICICI Bank.
The National Company Law Tribunal (NCLT) on March 7 approved the resolution plan submitted by Mumbai-based Suraksha Group’s bid to acquire crisis-hit Jaypee Infratech Ltd through the insolvency process.
It rejected the objections raised by Yamuna Expressway Industrial Development Authority and ICICI Bank.
It had in November last year reserved its order on Suraksha Group’s bid to acquire Jaypee Infratech Ltd to complete around 20,000 flats and provide relief to homebuyers who have been waiting for their homes for over a decade. are doing.
On June 23, 2021, financial creditors of Noida-based Jaypee Infratech Ltd had chosen Mumbai-based Suraksha Group over state-owned NBCC to take over the debt-laden developer and complete the unfinished apartments. The security group got 98.66 percent of the votes, compared to NBCC’s 98.54 percent.
Voting began on June 14 and ends on June 23, 2021. This was the fourth round of bidding to find a buyer for Jaypee.
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