The 10-day referendum on applications submitted by the NBCC and Suraksha Group ended on Wednesday afternoon. More than 98% of the votes went to the contest in the Suraksha party.
NEW Delhi: The Suraksha-based group from Mumbai on Wednesday received approval from finance and homebuyers for Jaypee Infratech Ltd.’s (JIL) over-indebtedness, an event that raised hopes of home buyers who get rich after years of delays.
The 10-day referendum on applications submitted by the NBCC and Suraksha group ended on Wednesday afternoon. More than 98 percent of the vote was cast in the contest in the Suraksha party.
This is the fourth round of JIL’s client search, which entered into the company’s management plan (CIRP) in August 2017.
“The Suraksha team won the contest with 98.66 percent of the vote,” said Anuj Jain, Professor of JIL Interim Solution (IRP).
He received 0.12 percent more votes than the NBCC, he said.
The successful JIL project brings extreme relief to more than 20,000 real estate agents in real estate projects developed by an architect in Noida and Greater Noida (Uttar Pradesh).
Up to 12 banks and more than 20,000 real estate agents are eligible for the Credit Committee (CoC) Buyers and property lenders have 56.63 percent and 43.25 percent eligible, respectively. Funding voters have 0.13 percent of voting rights.
Lenders have invested a deal of $ 755 million.
About sixty-seven percent of the votes were to be approved. Following the CCC’s approval, Suraksha’s team’s transfer must be clarified by the National Company Law Tribunal (NCLT).
Suraksha Group has provided bankers with more than 2,500 hectares of land and approximately 1,300 crores by providing invaluable information.
On June 10, the CoC decided to vote on the final clearance plans of Suraksha Realty Ltd and Lakshadweep Investments along with Money Pvt Ltd (Suraksha group) and NBCC (India) Limited to seize JIL under the Broke and Broke Code. (IBC).
The vote tenders process began on 14 June.
The Bank went bankrupt in August 2017 after NCLT applied to a joint venture led by IDBI Bank.
In the first phase of development, the Rs 7,350-crore grant for Lakshadweep, which is part of the Suraksha group, was rejected by lenders. The CoC declined the registration of NBCC’s Suraksha Realty in the second round held in May-June 2019.
The case went to the National Company Law Appeals Tribunal (NCLAT) and the high court.
In November 2019, the Supreme Court ordered an appeal from the NBCC and Suraksha.
Then, in December 2019, the CoC approved the NBCC’s decision with a vote of 97.36 percent in favor of the third round of petitions.
In March 2020, NBCC received a certificate from NCLT to obtain JIL. However, the order was challenged before NCLAT and later in the Supreme Court, where a decision was made on March 24 of this year that new applications from the NBCC and Suraksha were only invited.