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 direction for the smooth and effective implementation of the resolution plan that was approved in March 2023. The National Company Law Tribunal had approved a bid by Suraksha Group to buy Jaypee Infratech Ltd in March 2023, spelling relief for 20,000 home buyers but the process is yet to make much headway since Yamuna Expressway Industrial Development Authority, the Income Tax department and Jaiprakash Associates have filed petitions before the National Company Law Appellate Tribunal challenging the approval. Further, since the Annual Accounts for the year ended 31.03.2023 were not finalized, the Company was not able to prepare the results for the quarter ended 30.06.2023, for the quarter and half year ended 30.09.2023 and for the quarter and nine months ended 31.12.2023,” the company said in a regulatory filing The IMC in its Fourth Newsletter dated January 20, 2024, for giving key updates/ developments to homebuyers and fixed deposit holders during Phase II period pursuant to approval of the Resolution Plan, said that it has taken up construction work in both of its townships which are namely ‘Aman’ and ‘Wish-town’ in Noida.

Resolution Homebuyers Company Resolution Plan Plan Nclt 2023 Towers Infratech Imc Jaypee Infratech Jaypee  nclts  imc  nclt  seeks  resolution  insolvency  infratech  company  2023  suraksha  towers  panel  jaypee  monitoring  homebuyers  plan

History of this topic

NCLAT dismisses plea against resolution plan approval for Duncans Ind
1 week, 1 day ago

NCLAT dismisses plea against resolution plan approval for Duncans Ind

Live Mint  

New Delhi, Mar 9 Appellate tribunal NCLAT has set aside petitions against the NCLT order that approved the resolution plan for Duncans Industries. The National Company Law Appellate Tribunal also clarified that while approving the resolution plan for Duncans Industries, the NCLT has not made any observations regarding the "grant or non-grant of renewal of leases" of tea gardens. The …

NCLT Mumbai Approves ACME Cleantech's Resolution Plan For Reliance Big Private Limited
2 weeks, 5 days ago

NCLT Mumbai Approves ACME Cleantech's Resolution Plan For Reliance Big Private Limited

Live Law  

The National Company Law Tribunal, Mumbai bench comprising Justice V. G. Bisht and Shri Prabhat Kumar has approved the Resolution Plan for Reliance Big Private Limited submitted by ACME Cleantech Solutions Private Limited. Brief Facts: Mr. Rohit Ramesh Mehra, Resolution Professional of Reliance Big Private Limited moved the application under Section 30 r/w Section 31 of the Insolvency and Bankruptcy …

NCLAT grants two weeks time for Supertech township's settlement proposal
5 months, 2 weeks ago

NCLAT grants two weeks time for Supertech township's settlement proposal

Hindustan Times  

New Delhi, Sep 27 The Insolvency appellate tribunal NCLAT has granted two weeks more time to debt-ridden realty firm Supertech Township Projects suspended director Ram Kishore Arora to circulate the settlement proposal to both its lenders and home buyers. Insolvency appellate tribunal NCLAT has granted two weeks more time to debt-ridden realty firm Supertech Township Projects suspended director Ram Kishore …

Tribunal stays bankruptcy proceedings against Supertech Township project
7 months, 2 weeks ago

Tribunal stays bankruptcy proceedings against Supertech Township project

Hindustan Times  

The National Company Law Appellate Tribunal stayed the corporate insolvency resolution proceedings against Supertech Township Projects Limited after it proposed to settle its disputes with Punjab and Sind Bank, its principal financial creditor, within seven days. “In the meantime, in pursuance of the impugned order no further steps shall be taken except collation of claims which have already been invited,” …

NCLT begins insolvency resolution process against Supertech
7 months, 3 weeks ago

NCLT begins insolvency resolution process against Supertech

Hindustan Times  

NOIDA: While admitting a petition of Bank of Punjab & Sind’s petition, the National Company Law Tribunal has begun the corporate insolvency resolution process against Supertech townships projects limited which allegedly defaulted to make payment of a loan that it took from the bank, said an order. In June, 2023, the bank had filed a plea seeking CIRP against the …

NCLT starts insolvency proceedings against Byju's
8 months ago

NCLT starts insolvency proceedings against Byju's

The Hindu  

An Indian tribunal on July 16 started insolvency proceedings for EdTech firm Byju's after the country's cricket board complained about failure to recover $19 million in dues, dealing another blow to a company that was once India's biggest startup. Byju's has suffered numerous setbacks in the past few years, leading to a crisis of investor confidence, thousands of job cuts …

Lenders move NCLT against 90-day extension for IIHL to complete RCap resolution
8 months, 3 weeks ago

Lenders move NCLT against 90-day extension for IIHL to complete RCap resolution

Live Mint  

Mumbai: Lenders to a bankrupt Reliance Capital have filed an affidavit before the National Company Law Tribunal opposing the 90-day extension sought by the Hinduja group-owned IndusInd International Holdings Ltd to implement its resolution plan. These included delay in implementation of the resolution plan; IIHL’s inability to get the necessary regulatory approvals; last-minute changes in transaction structures; and uncertainty over …

After several delays, Suraksha takes over debt-ridden Jaypee
9 months, 1 week 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, 1 week 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 …

NCLAT Upholds Suraksha Realty's Resolution Plan For Jaypee Infratech, Directs Additional ₹1,334 Crore Payment To YEIDA
9 months, 2 weeks ago

NCLAT Upholds Suraksha Realty's Resolution Plan For Jaypee Infratech, Directs Additional ₹1,334 Crore Payment To YEIDA

Live Law  

The National Company Law Appellate Tribunal confirmed the resolution plan proposed by Suraksha Realty Limited for Jaypee Infratech Limited as part of its Corporate Insolvency Resolution Process. The NCLAT's bench, comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra, held that Suraksha Realty must pay ₹1,334.31 crore to YEIDA over the next four years. Consequently, YEIDA was held to …

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, …

Appellate tribunal final orders on Jaypee takeover by Suraksha likely on May 2
10 months, 2 weeks ago

Appellate tribunal final orders on Jaypee takeover by Suraksha likely on May 2

Hindustan Times  

The National Company Law Appellate Tribunal is likely to decide on May 2 on the Yamuna Expressway Industrial Development Authority ’s plea regarding the take over of debt-ridden realty company Jaypee Infratech Limited by Mumbai based Suraksha Realty Limited and Lakshdeep Investments. The authority had wanted that takeover company to pay an additional ₹1,689 crore to 10,000 farmers on whose …

NCLT allows RCap administrator’s plea on implementation of resolution plan
1 year ago

NCLT allows RCap administrator’s plea on implementation of resolution plan

Live Mint  

Mumbai: The National Company Law Tribunal on Wednesday allowed a plea by Reliance Capital's administrator, seeking directions to the Hinduja Group's IndusInd International Holdings Ltd to complete payment for the takeover in accordance with the resolution plan by 28 May. On 27 February, the NCLT gave its nod to Hinduja Group’s IndusInd International Holdings to take over the debt-laden Reliance …

Relief To Home Buyers, NCLAT Upholds Resolution Plan Outlining Provisions For Completion Of 96 Residential Towers By Jaypee Infratech Pending Since 2011
1 year ago

Relief To Home Buyers, NCLAT Upholds Resolution Plan Outlining Provisions For Completion Of 96 Residential Towers By Jaypee Infratech Pending Since 2011

Live Law  

The NCLAT recently upheld a Resolution Plan which outlined provisions for the completion of approximately 96 residential towers that had remained under construction since 2011 by Jaypee Infratech Limited. However, objections were filed by Jaiprakash Associates Limited, the holding company of JIL and Manoj Gaur, the erstwhile Managing Director of JIL, against Suraksha Realty's Resolution Plan, in the National Company …

NCLAT directs YEIDA, Suraksha group to settle issues over Jaypee Infratech fast
1 year ago

NCLAT directs YEIDA, Suraksha group to settle issues over Jaypee Infratech fast

Hindustan Times  

Insolvency appellate tribunal NCLAT on March 6 gave an ultimatum and said if the issues between Yamuna Expressway Industrial Development Authority and Suraksha group over Jaypee Infratech are not settled by the second week of April then it would proceed ahead. NCLAT directs YEIDA, Suraksha group to settle issues over Jaypee Infratech fast In March last year, the National Company …

Good news for homebuyers: Jaypee Infratech Limited takeover plan likely to get UP cabinet's nod soon
1 year, 1 month ago

Good news for homebuyers: Jaypee Infratech Limited takeover plan likely to get UP cabinet's nod soon

Hindustan Times  

Nearly five months after the Yamuna Expressway Industrial Development Authority approved the Mumbai-based Suraksha Group’s resolution plan to take over the stuck realty projects of Jaypee Infratech Limited, the matter is to be tabled in the cabinet meeting of the Uttar Pradesh government next week for requisite approval, said officials in the know of the matter. Yeida, in its 78th …

Apprise Jaypee homebuyers of project completion details, Yeida tells Suraksha
1 year, 5 months ago

Apprise Jaypee homebuyers of project completion details, Yeida tells Suraksha

Hindustan Times  

The Yamuna Expressway Industrial Development Authority chief executive officer Arun Vir Singh on Thursday directed Mumbai-based Suraksha Group, which has taken over debt-ridden realty firm Jaypee Infratech Limited, to share the progress report on stuck projects with homebuyers regularly. On March 7, 2023, the Suraksha Group’s resolution plan to acquire Jaypee Infratech Limited was approved by the National Company Law …

Jaypee homebuyers demand flat delivery
1 year, 5 months ago

Jaypee homebuyers demand flat delivery

Hindustan Times  

At least 100 Jaypee Infratech Limited homebuyers who have yet to receive their units after a decade gathered outside the main office in Wish Town Sector 128 for half an hour from 2pm on Tuesday, demanding that construction work at the projects be expedited and apartments be delivered without further delay. Around 22,000 homebuyers have yet to receive their flats …

CESTAT Appeal Abates From The Date Of Approval Of The Resolution Plan By The NCLT: CESTAT
1 year, 10 months ago

CESTAT Appeal Abates From The Date Of Approval Of The Resolution Plan By The NCLT: CESTAT

Live Law  

The Mumbai Bench of the Customs, Excise, and Service Tax Appellate Tribunal has held that from the date of approval of the resolution plan by the National Company Law Appellate Tribunal, the appeal filed by the applicant has abated, and CESTAT has become functus officio in the matters relating to the appeal filed by Jet Airways.The bench of S.K. The …

NCLAT Delhi Admits YEIDA’s Appeal Against Jaypee Infratech Resolution Plan On Additional Compensation To Farmers
1 year, 10 months ago

NCLAT Delhi Admits YEIDA’s Appeal Against Jaypee Infratech Resolution Plan On Additional Compensation To Farmers

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in Yamuna Expressway Industrial Development Authority v Monitoring Committee of Jaypee Infratech Ltd. & Ors., has admitted the appeal filed by the Yamuna Expressway Industrial Development Authority against the approved resolution plan of M/s. The Bench has passed …

Yeida to meet Suraksha Group in a month to iron out farmer compensation issue
1 year, 10 months ago

Yeida to meet Suraksha Group in a month to iron out farmer compensation issue

Hindustan Times  

The Yamuna Expressway Industrial Development Authority officials and Suraksha Group held a meeting on Thursday to discuss the issue of compensation for farmers whose land was acquired for various Jaypee Infratech projects, officials said. This direction came after Yeida filed an appeal in March 2023 when Suraksha Group, a Mumbai based real estate developer started taking over Jaypee Infratech, in …

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 …

In relief to homebuyers, NCLT clears way for Jaypee projects
2 years ago

In relief to homebuyers, NCLT clears way for Jaypee projects

Live Mint  

MUMBAI : In a relief to homebuyers, the Delhi bench of the National Company Law Tribunal on Tuesday allowed Mumbai-based Suraksha Group’s resolution bid for Jaypee Infratech Ltd. An NCLT bench headed by Justice Ramalingam Sudhakar and Justice IN Gupta allowed the petition seeking approval of Suraksha group’s resolution plan. “On 7 March, NCLT approved the resolution plan of Suraksha …

NCLT Approves Suraksha's Bid For Jaypee Infra, Relief For Over 20,000 Homebuyers
2 years ago

NCLT Approves Suraksha's Bid For Jaypee Infra, Relief For Over 20,000 Homebuyers

ABP News  

The National Company Law Tribunal on Tuesday approved the Mumbai-based Suraksha group's bid to acquire Jaypee Infratech, a development that comes as a relief for more than 20,000 homebuyers nearly six years after the debt-ridden company entered into the insolvency process, the PTI reported. According to the report, the ruling, which also comes nearly two years after the Committee of …

NCLAT Stays Insolvency Proceedings Against Zee; Final Hearing On March 29
2 years ago

NCLAT Stays Insolvency Proceedings Against Zee; Final Hearing On March 29

News 18  

The National Company Law Appellate Tribunal on Friday stayed the insolvency proceedings against media major Zee Entertainment Enterprises Ltd. Admitting a plea by ZEEL Managing Director and chief executive Punit Goenka, a two-member NCLAT bench stayed the order passed by the Mumbai bench of the National Company Law Tribunal. On Wednesday, NCLT admitted a insolvency plea against ZEEL by private …

NCLT Hyderabad Initiates Insolvency Process Against The Personal Gauartor Of Deccan Chronicle Holdings
2 years, 8 months ago

NCLT Hyderabad Initiates Insolvency Process Against The Personal Gauartor Of Deccan Chronicle Holdings

Live Law  

The National Company Law Tribunal, Hyderabad Bench, comprising of Dr. N. Venkata Ramakrishna Badarinath Shri Veera Brahma Rao Arekapudi, while adjudicating a petition filed in L&T Finance Limited v Tikkavarapu Venkaram Reddy, has initiated insolvency resolution process against Mr. Tikkavarapu Venkatarami Reddy, who is the Personal Guarantor of M/s Deccan Chronicle Holdings Ltd. in respect of the credit facilities availed …

Monthly Digest Of IBC Cases: May 2022
2 years, 9 months ago

Monthly Digest Of IBC Cases: May 2022

Live Law  

Supreme Court Supreme Court Declares Noida As An Operational Creditor Under The Insolvency And Bankruptcy Code, 2016 Case title: New Okhla Industrial Development Authority v Anand Sonbhadra Case No. The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Ms. Shreesha Merla and Mr. Naresh Salecha, while adjudicating an appeal has upheld that Corporate Insolvency Resolution Process …

Supertech insolvency: Here’s how homebuyers can submit claims
2 years, 11 months ago

Supertech insolvency: Here’s how homebuyers can submit claims

Live Mint  

As the National Company Law Tribunal ordered insolvency proceedings against real estate developer Supertech Ltd for default of ₹431.92 crore, the homebuyers of the project in the NCR region have a chance to submit their claims insolvency resolution professional now. Supertech, in a statement, said that it will challenge the NCLT order in the National Company Law Appellate Tribunal. "In …

Supertech goes into insolvency, affecting 25,000 homebuyers
2 years, 11 months ago

Supertech goes into insolvency, affecting 25,000 homebuyers

Live Mint  

Insolvency proceedings have been initiated against Supertech Ltd after a National Company Law Tribunal bench on Friday admitted a petition filed by Union Bank of India for non-payment of dues by the Noida-based property developer. The bankruptcy court’s order comes after the Supreme Court last year ordered the demolition of the property developer’s twin towers in Noida for violation of …

NCLAT Chennai Stays Corporate Insolvency Resolution Process Initiated Against Tata Projects Ltd
3 years, 2 months ago

NCLAT Chennai Stays Corporate Insolvency Resolution Process Initiated Against Tata Projects Ltd

Live Law  

The Chennai Bench of the National Company Law Appellate Tribunal has stayed the order initiating Corporate Insolvency Resolution Process against Tata Projects Limited upon being informed that the parties have entered into a settlement agreement. The NCLAT comprising Justice M. Venugopal and Kanthi Narahari also directed the IRP to file an application for withdrawal of the. The NCLAT comprising Justice …

SC orders swift completion of insolvency proceedings of Jaypee Infratech
3 years, 3 months ago

SC orders swift completion of insolvency proceedings of Jaypee Infratech

Hindustan Times  

The Supreme Court on Monday ordered swift completion of Jaypee Infratech’s insolvency proceedings, as it asked the National Company Law Tribunal, Delhi, to decide the matter “preferably within two months”. “This application is disposed of with a direction to the adjudicating authority to expeditiously dispose of the proceedings concerning the resolution plan of Jaypee Infratech Ltd, preferably within two months …

NCLT gives nod to Reliance Infratel resolution plan; lenders may get around Rs 4,400 crore
4 years, 3 months ago

NCLT gives nod to Reliance Infratel resolution plan; lenders may get around Rs 4,400 crore

India TV News  

The National Company Law Tribunal on Thursday approved a resolution plan of Reliance Infratel following which lenders may get around Rs 4,400 crore and Reliance Jio may pick up the assets of the debt-ridden telecom infrastructure company, according to sources. Reliance Jio through its subsidiary placed bids to acquire assets of Reliance Communications' fully owned subsidiary Reliance Infratel which has …

SC rejects SBI plea for resuming insolvency proceedings against Anil Ambani; matter listed for 6 Oct
4 years, 6 months ago

SC rejects SBI plea for resuming insolvency proceedings against Anil Ambani; matter listed for 6 Oct

Firstpost  

The State Bank of India had moved the apex court to recover Rs 1,200 crore that it had loaned to two firms of the then-chairman of Reliance Communications New Delhi: The Supreme Court Thursday dismissed a plea by State Bank of India seeking resumption of insolvency proceedings against the then chairman of Reliance Communications, Anil Ambani, to recover Rs 1,200 …

SC Rejects SBI Plea for Resuming Insolvency Proceedings Against Anil Ambani
4 years, 6 months ago

SC Rejects SBI Plea for Resuming Insolvency Proceedings Against Anil Ambani

News 18  

The Supreme Court Thursday dismissed a plea by State Bank of India seeking resumption of insolvency proceedings against the then chairman of Reliance Communications, Anil Ambani, to recover Rs 1,200 crore loan granted to his two firms. The top court refused to vacate the stay granted by the Delhi High Court by its interim order on the personal insolvency proceedings …

Home Buyers Cannot Invoke Insolvency Proceedings For Recovery Of RERA Award: NCLAT [Read Order]
4 years, 6 months ago

Home Buyers Cannot Invoke Insolvency Proceedings For Recovery Of RERA Award: NCLAT [Read Order]

Live Law  

The National Company Law Appellate Tribunal allowed an appeal filed by Sushil Ansal, former Director and shareholder of Ansal Properties and Infrastructure Limited setting aside the National Company Law Tribunal, Delhi bench March 17 order for the initiation of insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016. Stressed Assets Stabilisation Fund and Ors.- MANU/NL/0092/2020 observed that …

SC Issues Notice In Homebuyers' Appeal Against NCLAT Order Giving Conditional Nod To NBCC Take Over Of Jaypee Infratech Project
4 years, 7 months ago

SC Issues Notice In Homebuyers' Appeal Against NCLAT Order Giving Conditional Nod To NBCC Take Over Of Jaypee Infratech Project

Live Law  

The Supreme Court on Wednesday issued notice in an appeal by 7 homebuyers under Section 62 of the Insolvency & Bankruptcy Code, 2016 against an order of the NCLAT dated April 22, 2020 whereby the tribunal also directed Jaypee Infratech's Interim Resolution Professional Anuj Jain to constitute an interim monitoring committee, comprising representatives of the NBCC and its. The Supreme …

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 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 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 …

NCLT Admits RBI's Petition Seeking Initiation Of Corporate Insolvency Resolution Process Against DHFL [Read Order]
5 years, 3 months ago

NCLT Admits RBI's Petition Seeking Initiation Of Corporate Insolvency Resolution Process Against DHFL [Read Order]

Live Law  

The National Company Law Tribunal on Tuesday admitted a petition filed by the Reserve Bank of India seeking to initiate Corporate Insolvency Resolution Process against the crisis hit Dewan Housing Finance Corporation Ltd, a Financial Service Provider under the Insolvency & Bankruptcy Code, 2016. NS Venkatesh, Chief Executive, Association of Mutual Funds in India RBI had enclosed several evidences to …

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, 3 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 …

SC Allows To Complete Corporate Insolvency Resolution Process Of Jaypee Infratech Within 90 days [Read Order]
5 years, 4 months ago

SC Allows To Complete Corporate Insolvency Resolution Process Of Jaypee Infratech Within 90 days [Read Order]

Live Law  

The Supreme Court has allowed to complete CIRP concerning Jaypee Infratech Ltd. within a period of 90 days.The bench comprising Justice AM Khanwilkar and Justice Dinesh Maheshwari allowed the Insolvency Resolution Professional IRP to invite revised resolution plan only from Suraksha Realty and NBCC respectively, who were the final bidders and had submitted resolution plan. The Supreme Court has allowed …

NCLAT Approves Resolution Plan Of Shell Company Despite SEBI's Objections
5 years, 6 months ago

NCLAT Approves Resolution Plan Of Shell Company Despite SEBI's Objections

Live Law  

The National Company Law Appellate Tribunal has dismissed an appeal filed by the market regulator SEBI against the NCLT, Guwahati's approval to the Resolution Plan submitted by Abu-Dhabi based 'BRS Ventures Investment Ltd.' for the Corporate Debtor 'Assam Company India Limited. ' The NCLT Guwahati Bench had observed that the resolution plan was approved by 100% voting share of the …

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