Jaypee Infra insolvency: NBCC offers Rs 20 cr to operational creditors; panel to discuss revised offer on Thursday
5 years, 10 months ago

Jaypee Infra insolvency: NBCC offers Rs 20 cr to operational creditors; panel to discuss revised offer on Thursday

Firstpost  

Meanwhile, Adani group has shown interest in making bid for Jaypee Infratech, while Jaypee group too has submitted bid for regaining control of its realty firm. New Delhi: Seeking multiple concessions for acquiring bankrupt realty firm Jaypee Infratech, state-owned NBCC has offered to pay Rs 20 crore against over Rs 9,712-crore dues of operational creditors, including the Income-Tax Department and Yamuna Expressway Development Authority. According to the revised offer submitted by NBCC, which was submitted to Jaypee Infratech’s Interim Resolution Professional Anuj Jain, the public sector unit has proposed that the total operational debt aggregating to Rs 9,712 crore would be settled by payment of Rs 20 crore. That apart, NBCC has also sought many relief and concessions including consent from the Yamuna Express Industrial Development Authority if Jaypee group transfers land and Yamuna Expressway to separate special purpose vehicles. To secured financial creditors, NBCC has offered 950-acre land parcels worth Rs 5,000 crore and 100 per cent shareholding of Yamuna Expressway that connects Noida to Agra in Uttar Pradesh.

Operational Crore Group Bid Offer Nbcc Creditors Yamuna Expressway Operational Creditors Infra Infratech Jaypee Infratech Jaypee Jaypee Infra Rs 20 Cr Revised Offer Jaypee Group Rs Panel  bid  crore  offer  group  infratech  nbcc  revised  offers  yamuna  jaypee  insolvency  creditors  rs  panel  operational  infra

History of this topic

SC restores claims worth ₹10,952 cr of Reliance Infratel's 4 indirect creditors
3 months ago

SC restores claims worth ₹10,952 cr of Reliance Infratel's 4 indirect creditors

Live Mint  

NEW DELHI : The Supreme Court on Friday upheld the claims, amounting to more than ₹10,952 crore, of four indirect creditors of Reliance Infratel Ltd. Reliance Infratel’s total debt exceeds ₹41,055 crore. The resolution and acquisition by RIL In 2022, Reliance Jio’s subsidiary, Reliance Projects and Property Management Services Ltd, completed the acquisition of a 100% stake in Reliance Infratel …

After several delays, Suraksha takes over debt-ridden Jaypee
9 months, 2 weeks ago

After several delays, Suraksha takes over debt-ridden Jaypee

Hindustan Times  

After a six-year long court battle, Mumbai-based Suraksha Group on Tuesday took over debt-ridden Jaypee Infratech Limited and its office-bearers assured homebuyers that the work will soon restart at project sites. We will soon prepare a road map to revive construction at the site and start delivery of apartments,” said Aalok Dave, managing director and chief executive officer, Suraksha Group. …

Suraksha Group finally takes over Jaypee Infratech; constitutes 3-member board giving relief to more than 20,000 buyers
9 months, 2 weeks ago

Suraksha Group finally takes over Jaypee Infratech; constitutes 3-member board giving relief to more than 20,000 buyers

Hindustan Times  

Mumbai-based Suraksha Group has finally taken over the embattled real estate firm Jaypee Infratech by constituting a three-member board giving relief to more than 20,000 homebuyers whose investments are stuck across various projects being developed in Delhi-NCR. Mumbai-based Suraksha Group has finally taken over the embattled real estate firm Jaypee Infratech by constituting a three-member board giving relief to more …

NCLT initiates insolvency against Jaiprakash Associates, admits ICICI Bank plea
9 months, 2 weeks ago

NCLT initiates insolvency against Jaiprakash Associates, admits ICICI Bank plea

Hindustan Times  

New Delhi, June 3 The National Company Law Tribunal on June 3 directed to initiate insolvency proceedings against debt-ridden Jaiprakash Associates Ltd, admitting the plea filed by private lender ICICI Bank. The National Company Law Tribunal on June 3 directed to initiate insolvency proceedings against debt-ridden Jaiprakash Associates Ltd, admitting the plea filed by private lender ICICI Bank Jaiprakash Associates …

Jaypee takeover: NCLAT orders Suraksha to pay ₹1,335 cr as farmer compensation
9 months, 3 weeks ago

Jaypee takeover: NCLAT orders Suraksha to pay ₹1,335 cr as farmer compensation

Hindustan Times  

The National Company Law Appellate Tribunal on Friday upheld Mumbai-based Suraksha Group’s resolution plan for the debt-ridden Jaypee Infratech Limited that has failed to deliver around 20,000 apartments in its housing project “Wish Town” in sectors 128, 129, 130, 131 and 132 areas along Noida-Greater Noida Expressway. The Yamuna Expressway Industrial Development Authority had approached National Company Law Appellate Tribunal, …

IBC resolves 891 cases involving Rs 10 lakh crore loan defaults till Dec '23
1 year, 1 month ago

IBC resolves 891 cases involving Rs 10 lakh crore loan defaults till Dec '23

New Indian Express  

NEW DELHI: The Insolvency and Bankruptcy Code has resolved 891 cases of defaults involving banks loans worth R10 lakh crore till December 2023. According to IBBI’s quarterly report, 27,500 applications for initiation of corporate insolvency resolution process against companies involving defaults of R9.74 lakh crore were withdrawn before admission. As many as 79 corporate insolvency cases were resolved in the …

Jaypee Infratech insolvency case: Monitoring panel seeks NCLT’s direction to implement Suraksha Group's resolution plan
1 year, 1 month ago

Jaypee Infratech insolvency case: Monitoring panel seeks NCLT’s direction to implement Suraksha Group's resolution plan

Hindustan Times  

The five-member monitoring committee set up to oversee the Jaypee Infratech insolvency process has moved the National Company Law Tribunal seeking an appropriate direction for the smooth and effective implementation of the resolution plan that was approved in March 2023. The five-member monitoring committee set up to oversee the Jaypee Infratech insolvency process has moved the NCLT seeking an appropriate …

Weekly Digest Of IBC Cases: 24 To 30 April 2023
1 year, 10 months ago

Weekly Digest Of IBC Cases: 24 To 30 April 2023

Live Law  

NCLAT Subsequently Modified OTS Proposal Would Further Refresh The Limitation Period: NCLAT Chennai Case Title: M/s. 05 of 2021 The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal and Shri Naresh Salecha, has held that submission of a One Time Settlement proposal is acknowledgement of debt in terms of Section 18 of Limitation Act, 1963. 426 …

Reliance Capital auction: Hinduja Group firm emerges highest bidder with Rs 9,650 cr offer
1 year, 10 months ago

Reliance Capital auction: Hinduja Group firm emerges highest bidder with Rs 9,650 cr offer

India TV News  

Reliance Capital auction: A Hinduja Group firm has emerged as the highest bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction, sources said. The bid by IndusInd International Holdings Ltd is higher than Rs 8,640 crore offer made by Torrent Investments in the first round of auction held in …

Stocks to Watch: TCS, NTPC, IDBI Bank, Adani Enterprises, ZEE Entertainment
2 years ago

Stocks to Watch: TCS, NTPC, IDBI Bank, Adani Enterprises, ZEE Entertainment

Live Mint  

New Delhi: Here is the list of the top 10 stocks that will be in focus today: Tata Consultancy Services: The IT services major has named K. Krithivasan as chief executive after Rajesh Gopinathan unexpectedly resigned. IDBI Bank: The Union government may defer the $4 billion IDBI Bank privatization plan over concerns that unprecedented market volatility may deter prospective buyers. …

NCLT approves Suraksha group’s plan to take over Jaypee Infratech
2 years ago

NCLT approves Suraksha group’s plan to take over Jaypee Infratech

Hindustan Times  

The National Company Law Tribunal on Tuesday approved the resolution plan and bid by Mumbai based Suraksha Realty Limited and Lakshdeep Investments to take over debt-ridden realty company Jaypee Infratech Limited, thereby reigniting the hopes of thousands of aggrieved homebuyers of getting their dream homes soon. Since 2017, the Supreme Court monitored NCLT has been hearing the corporate insolvency resolution …

Insolvency Proceeding Initiated Against Andhra Cements Ltd., A Jaypee Group Company: NCLT, Amravati
2 years, 10 months ago

Insolvency Proceeding Initiated Against Andhra Cements Ltd., A Jaypee Group Company: NCLT, Amravati

Live Law  

The National Company Law Tribunal, Amravati Bench, comprising of Justice Telaprolu Rajani, while adjudicating a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 in the matter of M/s Pridhvi Asset Reconstruction and Securitisation Company Ltd. v M/s Andhra Cement Ltd., has initiated Corporate Insolvency Resolution Process against Andhra Cement Ltd. The Corporate Debtor had approached IDFC …

NCLAT Directs NBCC To Implement Resolution Plan Pending Appeal in Jaypeee Infratech matter
4 years, 10 months ago

NCLAT Directs NBCC To Implement Resolution Plan Pending Appeal in Jaypeee Infratech matter

Live Law  

While hearing an urgent petition during the extended lockdown period moved by the NBCC, the National Company Law Appellate Tribunal declined to stay the implementation of the modified resolution plan and directed the state - run NBCC to acquire the debt ridden Jaypee Infratech and complete over 20,000 pending flats, but said the direction was subject to its final order.Justice. …

NCLAT gives conditional go-ahead to NBCC for acquiring Jaypee Infratech; asks IRP to form interim monitoring committee
4 years, 10 months ago

NCLAT gives conditional go-ahead to NBCC for acquiring Jaypee Infratech; asks IRP to form interim monitoring committee

Firstpost  

In its bid, the NBCC had proposed to complete over 20,000 pending flats in housing projects launched by Jaypee Infratech in Noida and Greater Noida. NCLAT allows Resolution Professional to proceed with constituting Interim Monitoring Committee for execution of plan pic.twitter.com/3aBC7AAr7Q — CNBC-TV18 April 22, 2020 The NCLAT’s direction came over an urgent petition moved by the NBCC, which won …

Rs 750 cr paid by JAL was towards obligation of Jaypee Infratech: NCLT
5 years ago

Rs 750 cr paid by JAL was towards obligation of Jaypee Infratech: NCLT

India TV News  

The Rs 750-crore deposited by Jaypee Infratech Ltd's parent firm Jaiprakash Associates with the Supreme Court registry was a payment towards obligation of the debt-ridden firm and should be treated as the asset of the corporate debtor, the NCLT has observed while approving the bid of NBCC for JIL. "Since JAL is not under further obligation to complete construction of …

NBCC gets NCLT nod to acquire debt-laden Jaypee Infratech; state-run firm to complete about 20,000 pending flats
5 years ago

NBCC gets NCLT nod to acquire debt-laden Jaypee Infratech; state-run firm to complete about 20,000 pending flats

Firstpost  

NBCC’s proposal was approved by the lenders in the third round of bidding process to find a buyer for Jaypee Infratech. New Delhi: State-owned NBCC on Tuesday got approval from the NCLT to acquire debt-laden Jaypee Infratech through an insolvency process and complete around 20,000 pending flats over the next three and half years. In a significant direction that will …

Jaypee Infra jumps over 9% on lenders approval of NBCC bid to acquire bankrupt developer
5 years, 3 months ago

Jaypee Infra jumps over 9% on lenders approval of NBCC bid to acquire bankrupt developer

Firstpost  

Jaypee Infratech’s financial creditors, including lenders and homebuyers, approved the bid of state-owned NBCC to acquire the debt-laden realty firm under insolvency process, according to sources. Shares of Jaypee Infratech on Wednesday zoomed over 9 percent after its Committee of Creditors approved NBCC’s bid to acquire the company under insolvency process. Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went …

Jaypee Infratech insolvency: Lenders, home buyers approve NBCC's bid to acquire debt-laden realty firm
5 years, 3 months ago

Jaypee Infratech insolvency: Lenders, home buyers approve NBCC's bid to acquire debt-laden realty firm

Firstpost  

Jaypee Infratech’s financial creditors, including lenders and home buyers, have approved the bid of state-owned NBCC to acquire the debt-laden realty firm under the insolvency process, according to sources New Delhi: Jaypee Infratech’s financial creditors, including lenders and homebuyers, have approved the bid of state-owned NBCC to acquire the debt-laden realty firm under insolvency process, according to sources. #CNBCTV18Exclusive | …

Jaypee Infratech homebuyers' body urges flat owners, bankers to vote for NBCC bid in insolvency process
5 years, 3 months ago

Jaypee Infratech homebuyers' body urges flat owners, bankers to vote for NBCC bid in insolvency process

Firstpost  

Jaypee Infratech’s homebuyers association has urged all flat owners and lenders to vote in favour of state-owned NBCC’s bid to acquire debt-laden realty firm as the public sector firm has the experience to develop large projects and townships in the national capital region New Delhi: Jaypee Infratech’s homebuyers association has urged all flat owners and lenders to vote in favour …

Jaypee Infratech insolvency: Suraksha Realty hopeful of getting favourable vote of lenders, homebuyers
5 years, 3 months ago

Jaypee Infratech insolvency: Suraksha Realty hopeful of getting favourable vote of lenders, homebuyers

Firstpost  

New Delhi: Mumbai-based Suraksha Realty on Monday expressed confidence that bankers and home buyers will vote in favour of its bid to acquire bankrupt realtor Jaypee Infratech, saying that the company has substantially improved its resolution plan to maximise the value for financial creditors. A Committee of Creditors on Saturday decided that homebuyers and lenders of Jaypee Infratech will vote …

Jaypee Infra lenders to put on vote bids of NBCC, Suraksha simultaneously
5 years, 3 months ago

Jaypee Infra lenders to put on vote bids of NBCC, Suraksha simultaneously

India TV News  

Lenders of Jaypee Infratech on Saturday decided to put on vote simultaneously the bids of state-owned NBCC Ltd and Suraksha Realty to acquire the bankrupt realty firm, sources said. Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal admitted an application by an IDBI Bank-led consortium. On November …

Jaypee Infratech insolvency: Suraksha Realty may offer more cash and land to lenders, higher compensation to buyers
5 years, 3 months ago

Jaypee Infratech insolvency: Suraksha Realty may offer more cash and land to lenders, higher compensation to buyers

Firstpost  

New Delhi: Mumbai-based Suraksha Realty, which is in the race with state-owned NBCC to acquire bankrupt Jaypee Infratech, is likely to offer additional cash and land to lenders, and higher delay compensation to homebuyers to make its final resolution more lucrative for financial creditors, sources said. In the last meeting of the committee of creditors held on 28 November, lenders …

Jaypee Insolvency Case: NBCC sweetens bid by offering more land and benami flats to lenders; CoC to meet today
5 years, 4 months ago

Jaypee Insolvency Case: NBCC sweetens bid by offering more land and benami flats to lenders; CoC to meet today

Firstpost  

In 2017, Jaypee Infratech went into insolvency process after the National Company Law Tribunal admitted an application by an IDBI Bank-led consortium. New Delhi: State-owned NBCC Ltd on Sunday sweetened its bid to acquire bankruptcy-bound Jaypee Infratech, by offering lenders 1,426-acre land instead of 950 acres earlier and also providing half of 3,000 benami flats to them, sources said. NBCC …

Jaypee Infratech insolvency: NCLAT extends resolution period of debt-ridden company by 90 days
5 years, 7 months ago

Jaypee Infratech insolvency: NCLAT extends resolution period of debt-ridden company by 90 days

Firstpost  

The National Company Law Appellate Tribunal on Tuesday extended the resolution period of debt-ridden Jaypee Infratech for another 90 days, starting from receipts of the order New Delhi: The National Company Law Appellate Tribunal on Tuesday extended the resolution period of Jaypee Infratech for another 90 days, which includes a 45-day window for the resolution professional and lenders of the …

Will pay creditors entire amount; complete due projects in 3 yrs: Jaypee Infra
5 years, 7 months ago

Will pay creditors entire amount; complete due projects in 3 yrs: Jaypee Infra

Live Mint  

Promoters of debt-ridden Jaypee Infratech on Monday proposed before the NCLAT that they will pay creditors entire outstanding amount without any hair cut and complete pending projects within three years. The National Company Law Appellate Tribunal reserved its order over exclusion of litigation period from the ongoing Corporate Insolvency Resolution Process of Jaypee Infratech. Lenders are requesting to exclude the …

Jaypee Infratech promoters to pay creditors entire outstanding amount; says will complete pending projects in 3 years
5 years, 7 months ago

Jaypee Infratech promoters to pay creditors entire outstanding amount; says will complete pending projects in 3 years

Firstpost  

New Delhi: Promoters of debt-ridden Jaypee Infratech on Monday proposed before the NCLAT that they will pay creditors entire outstanding amount without any hair cut and complete pending projects within three years. The National Company Law Appellate Tribunal reserved its order over the exclusion of litigation period from the ongoing Corporate Insolvency Resolution Process of Jaypee Infratech. A two-member bench …

Jaypee insolvency: NCLAT asks IDBI Bank to file affidavit listing out new terms for fresh bidding
5 years, 8 months ago

Jaypee insolvency: NCLAT asks IDBI Bank to file affidavit listing out new terms for fresh bidding

Firstpost  

All the 13 banks, which constitute 40.75 percent of CoC, voted against the bid by the state-run firm to acquire Jaypee Infratech. New Delhi: The National Company Law Appellate Tribunal Wednesday directed IDBI Bank, the lead lender of debt-ridden Jaypee Infratech, to file an affidavit listing out new terms and conditions if a fresh bidding process is conducted. During the …

Jaypee Infratech lenders start negotiations on NBCC's bid to acquire realty firm as per NCLAT order
5 years, 9 months ago

Jaypee Infratech lenders start negotiations on NBCC's bid to acquire realty firm as per NCLAT order

Firstpost  

Jaypee Infratech went into insolvency process in 2017 after the National Company Law Tribunal admitted an application by an IDBI Bank-led consortium seeking resolution of the realty firm New Delhi: State-owned NBCC is unlikely to dilute certain conditions, including exemption from tax liability, in its offer for debt-laden Jaypee Infratech but is ready to negotiate on the proposal related to …

NCLAT annuls lenders’ voting on NBCC’s bid to acquire Jaypee Infratech
5 years, 10 months ago

NCLAT annuls lenders’ voting on NBCC’s bid to acquire Jaypee Infratech

Live Mint  

New Delhi: The National Company Law Appellate Tribunal on Friday annulled voting by the committee of creditors on state-owned NBCC's bid to acquire Jaypee Infratech. Hearing a plea by IDBI Bank, seeking a stay or annulment of the voting process, a three-member bench of the NCLAT headed by chairman justice S.J. IDBI Bank, the biggest lender to the debt-laden realty …

Jaypee Infratech insolvency: Over 23,000 homebuyers, 13 banks start voting on NBCC's bid; result to be out on 20 May
5 years, 10 months ago

Jaypee Infratech insolvency: Over 23,000 homebuyers, 13 banks start voting on NBCC's bid; result to be out on 20 May

Firstpost  

The financial creditors would vote for the second time on the resolution plan for Jaypee Infratech, a subsidiary of Jaiprakash Associates Ltd. New Delhi: Homebuyers and lenders of debt-laden Jaypee Infratech on Thursday started voting on state-owned NBCC’s bid to acquire Jaypee group’s realty firm and complete the construction of over 20,000 flats. The financial creditors would vote for the …

Jaypee Infratech creditors decide to put on vote NBCC's revised bid; homebuyers likely to favour state-run firm
5 years, 10 months ago

Jaypee Infratech creditors decide to put on vote NBCC's revised bid; homebuyers likely to favour state-run firm

Firstpost  

On Friday, lenders had written to NBCC seeking clarifications on certain relief and concessions put forward by the public sector firm in its resolution plan. New Delhi: A creditors panel of Jaypee Infratech on Tuesday decided to put on vote the revised offer of state-owned NBCC Ltd to acquire the debt-laden realty firm through insolvency proceedings, sources said. Clarifications from …

NBCC decides not to dilute conditions in revised offer for Jaypee Infratech; lenders flag serious concerns about conditional bid
5 years, 10 months ago

NBCC decides not to dilute conditions in revised offer for Jaypee Infratech; lenders flag serious concerns about conditional bid

Firstpost  

The NBCC’s revised bid to acquire Jaypee Infratech and complete the work of over 20,000 flats would be discussed on 14 May by CoC New Delhi: NBCC on Monday decided against diluting certain conditions, including exemption from tax liability, in its revised offer for debt-laden Jaypee Infratech even as lenders have flagged serious concerns about the state-owned firm’s conditional bid, …

Jaypee Infratech takeover: Lenders seek clarification from NBCC on revised bid; creditors' panel to meet again on 14 May
5 years, 10 months ago

Jaypee Infratech takeover: Lenders seek clarification from NBCC on revised bid; creditors' panel to meet again on 14 May

Firstpost  

NBCC was also asked how it will fund the takeover of Jaypee Infratech, sources said adding that NBCC officials answered all the queries. New Delhi: Lenders of Jaypee Infratech on Thursday sought clarifications from NBCC on various relief measures and concession proposed by the state-owned firm in its revised bid to acquire the debt-ridden realty company, sources said. The Committee …

Jaypee Infratech's IRP finds NBCC bid conditional, non-binding; creditors' panel meets on Thursday to discuss revised offer
5 years, 10 months ago

Jaypee Infratech's IRP finds NBCC bid conditional, non-binding; creditors' panel meets on Thursday to discuss revised offer

Firstpost  

The court-mandated deadline for completing the resolution plan for Japyee Infratech ended on 6 May and the CoC has sought an extension of the deadline. New Delhi: Realty firm Jaypee Infratech’s Interim Resolution Professional has opined that state-owned NBCC’s revised bid was conditional and non-binding, which ran contrary to terms of the insolvency proceedings, sources said. Sources said NBCC has …

After govt nod, NBCC asks Jaypee Infratech RP to reconsider bid; lenders, home buyers vote on sole bid by Suraksha Realty
5 years, 10 months ago

After govt nod, NBCC asks Jaypee Infratech RP to reconsider bid; lenders, home buyers vote on sole bid by Suraksha Realty

Firstpost  

Financial creditors and home buyers of the Jaypee group realty firm are currently voting on the bid of Suraksha Realty, New Delhi: Hours after getting the government approval for its revised offer to acquire troubled realty firm Jaypee Infratech, state-owned NBCC Ltd on Wednesday asked the court-appointed resolution professional to reconsider its bid and asserted it is prepared to take …

NBCC wants lenders to consider its bid on merit to acquire bankrupt Jaypee Infratech
5 years, 10 months ago

NBCC wants lenders to consider its bid on merit to acquire bankrupt Jaypee Infratech

Firstpost  

NBCC said it entered into the insolvency proceedings of Jaypee Infratech to provide relief to over 20,000 home buyers. New Delhi: As its bid to acquire Jaypee Infratech got rejected by lenders, state-owned NBCC has written to the interim resolution professional that the company is interested in taking over Jaypee group firm and its offer should be considered on merit. …

NBCC sweetens bid to acquire Jaypee Infratech, offers land parcels worth Rs 5,000 cr to lenders
5 years, 10 months ago

NBCC sweetens bid to acquire Jaypee Infratech, offers land parcels worth Rs 5,000 cr to lenders

Firstpost  

According to sources, NBCC has offered to pay Rs 500 crore upfront to lenders and would invest about Rs 2,000-2,500 crore as funding gap to complete delayed housing projects of Jaypee Infratech. New Delhi: State-owned NBCC has sweetened its bid to acquire debt-ridden Jaypee Infratech and has now offered to give lenders Rs 5,000 crore worth land parcels, sources said. …

Hope for 20,000 home buyers in Noida: Adani, NBCC likely to bid for Jaypee Infratech
5 years, 10 months ago

Hope for 20,000 home buyers in Noida: Adani, NBCC likely to bid for Jaypee Infratech

India TV News  

Hope for 20,000 home buyers in Noida: Adani, NBCC likely to bid for Jaypee Infratech Meanwhile, business conglomerate Adani Group had also expressed interest to bid for Jaypee Infratech. Lenders of debt-ridden Jaypee Infratech will meet on April 26 and 30 to discuss revised bids submitted by state-owned NBCC and Suraksha Realty to acquire the realty firm and complete over …

NBCC submits revised bid for debt-ridden Jaypee Infratech; to complete over 20,000 delayed apartments in Noida
5 years, 10 months ago

NBCC submits revised bid for debt-ridden Jaypee Infratech; to complete over 20,000 delayed apartments in Noida

Firstpost  

In April 2018, Jaypee Group had also submitted a Rs 10,000 crore plan before lenders to revive Jaypee Infratech, but the same was not accepted. New Delhi: State-owned NBCC Ltd on Wednesday submitted its revised bid to acquire debt-ridden Jaypee Infratech and complete over 20,000 delayed apartments in Noida, sources said. Last week, Jaypee Group promoters made a fresh attempt …

NBCC to submit revised bid to acquire Jaypee Infratech by 25 April, complete housing projects
5 years, 11 months ago

NBCC to submit revised bid to acquire Jaypee Infratech by 25 April, complete housing projects

Firstpost  

In its earlier resolution plan, NBCC offered 1,400 acre land worth Rs 6,000 crore as well as Yamuna Expressway to lenders. New Delhi: State-owned NBCC Ltd is likely to submit revised bid by April 25 for acquiring debt-ridden Jaypee Infratech and complete the housing projects. Lenders of Jaypee Infratech met on Tuesday and asked NBCC to submit their plan by …

Jaypee Infratech lenders aks NBCC, Suraksha Group to sweeten bids for acquiring bankruptcy-bound realty firm
6 years ago

Jaypee Infratech lenders aks NBCC, Suraksha Group to sweeten bids for acquiring bankruptcy-bound realty firm

Firstpost  

NBCC, which has the backing of the government to takeover Jaypee Infratech, is unlikely to increase the offer of Rs 500 crore capital infusion New Delhi: Lenders of debt-ridden Jaypee Infratech Thursday asked state-owned NBCC Ltd and Suraksha Group to sweeten their offers for acquiring the bankruptcy-bound realty firm, sources said. NBCC, which has the backing of the government to …

Insolvency and Bankruptcy Code Impact : Another Industrialist finds the money to clear dues
6 years, 1 month ago

Insolvency and Bankruptcy Code Impact : Another Industrialist finds the money to clear dues

Op India  

The promoters of stressed realty developer Jaypee Infratech has come out with another proposal to save its cash-strapped company from resolution process under the Insolvency and Bankruptcy Code. The proposal has come under section 12A of IBC, while state-owned NBCC and realty firm Suraksha group are already putting bids to acquire the company. In April last year, Jaypee Infratech had …

Insolvency & Bankruptcy Code - 2018 Annual Round Up
6 years, 2 months ago

Insolvency & Bankruptcy Code - 2018 Annual Round Up

Live Law  

The year 2018 also witnessed major changes in the field of Insolvency and Bankruptcy Code.While the year 2017 witnessed SC explaining the basic concepts of the nascent legislation, the year 2018 saw SC addressing more complex issues in relation to it.The significant decisions of 2017 were Innoventive Industries v ICICI Ltd and Mobilox Innovations Pvt Ltd v Kirusa Software. The …

Insolvency & Bankruptcy Code - 2018 Annual Round Up
6 years, 2 months ago

Insolvency & Bankruptcy Code - 2018 Annual Round Up

Live Law  

The year 2018 also witnessed major changes in the field of Insolvency and Bankruptcy Code.While the year 2017 witnessed SC explaining the basic concepts of the nascent legislation, the year 2018 saw SC addressing more complex issues in relation to it.The significant decisions of 2017 were Innoventive Industries v ICICI Ltd and Mobilox Innovations Pvt Ltd v Kirusa Software. The …

Lenders, home buyers of Jaypee Infratech approve evaluation criteria for bankruptcy process
6 years, 2 months ago

Lenders, home buyers of Jaypee Infratech approve evaluation criteria for bankruptcy process

Firstpost  

New Delhi: Lenders and home buyers of debt-ridden Jaypee Infratech has approved evaluation criteria to be adapted to select a bidder for taking over the bankruptcy-bound realty firm. Jain had in October started a fresh initiative to revive Jaypee Infratech on the National Company Law Tribunal’s direction after lenders rejected over Rs 7,000 crore bid of Suraksha group. He had …

Jaypee Infratech's lenders discuss evaluation criteria for potential bidders, CoC to take final call next month
6 years, 3 months ago

Jaypee Infratech's lenders discuss evaluation criteria for potential bidders, CoC to take final call next month

Firstpost  

Jaypee Infratech’s Interim Resolution Professional Anuj Jain had in October initiated a fresh initiative to revive Jaypee Infratech on NCLT’s direction after lenders rejected over Rs 7,000 crore bid of Suraksha group. New Delhi: Lenders of debt-ridden Jaypee Infratech Tuesday held a meeting to discuss the expression of interest shown by five companies to takeover the realty firm and finalise …

Kotak Investment, L&T Infrastructure, NBCC among five firms show interest in taking over bankrupt Jaypee Infratech
6 years, 4 months ago

Kotak Investment, L&T Infrastructure, NBCC among five firms show interest in taking over bankrupt Jaypee Infratech

Firstpost  

Jaypee Infratech’s IRP Anuj Jain had in October initiated a fresh initiative to revive Jaypee Infratech on NCLT’s direction after lenders rejected over Rs 7,000 crore bid of Suraksha group. New Delhi: Five companies — NBCC, Kotak Investment, L&T Infrastructure, Singapore-based Cube Highways and Suraksha group — have shown interest in taking over debt-ridden Jaypee Infratech, which is facing bankruptcy …

Jaypee Infratech’s two independent directors resign
6 years, 6 months ago

Jaypee Infratech’s two independent directors resign

Live Mint  

New Delhi: Jaypee Infratech Ltd, which is facing insolvency proceedings, Monday said that the company’s two independent directors—Keshav Prasad Rau and Basant Kumar Goswami —have resigned. The National Company Law Tribunal had last year admitted the application by an IDBI Bank-led consortium, seeking resolution for Jaypee Infratech under the Insolvency and Bankruptcy Code. Other lenders are—IIFCL, LIC, SBI, Corporation Bank, …

SC asks NCLT to deal with insolvency proceedings against Jaypee group
6 years, 7 months ago

SC asks NCLT to deal with insolvency proceedings against Jaypee group

The Hindu  

In a setback to the Jaypee group, the Supreme Court on Thurssday, August 9, 2018, asked the National Company Law Tribunal, Allahabad, to deal with the insolvency proceedings against Jaypee Infratech Ltd and barred the group or its promoters from participating in the fresh bidding process. The top court also allowed the Reserve Bank of India to direct the banks …

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