Jaypee Infra CoC vote in favour of Suraksha's bid

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SME Times News Bureau | 23 Jun, 2021
In a major development in the much-delayed Jaypee Infrastructure insolvency case, the Committee of Creditors (CoC) of the bankrupt company have voted in favour of Suraksha Group's resolution plan.

The bid by Suraksha received 98.66 per cent votes. The voting had started on June 14 and ended on Wednesday, June 23.

A spokesperson for Suraksha said: "We humbly thank all the stakeholders including the Government of India, Supreme Court and entire judiciary, banks and institutions, all homebuyers, public depositors, YEIDA and their legal counsel, IRP and his team, Committee of Creditors and all their advisors for their relentless efforts towards reviving the world-class residential Jaypee Infratech project, and express our gratitude towards them for bestowing faith in execution capabilities of Suraksha."

"Thanks to healthy competition and fair process conducted by IRP and CoC," the company said.

The spokesperson said that the company is committed to the homebuyers and assured them with accelerated construction work in all phases leading to faster deliveries as promised in the resolution plan.

"Further, we look forward to the continued support of all stakeholders in our journey to bring back the beleaguered real estate project to fulfil the dreams of thousands of homebuyers," said the spokesperson.

The Jaypee Infratech resolution has faced several obstacles and bids have been put to vote several times.

In December 2019, NBCC's resolution plan had received 97.36 per cent votes of the Committee of Creditors (CoC). NBCC's plan received overwhelming support against the required 66 per cent votes for approval.

However, in a major turnaround, the Supreme Court on March 24, 2021 extended the timeline for the resolution of Jaypee Infratech Ltd (JIL) by another 45 days and directed the interim resolution professional to invite fresh bids from NBCC and Suraksha Realty.