Debt

Debt Financing

Suraksha Realty outbids NBCC for Jaypee Infra

Business Line  

The debt resolution plan of Mumbai-based Suraksha Realty Ltd, along with Lakshdeep Investments and Finance Pvt Ltd, has emerged the winning bid to acquire Jaypee Infratech Ltd (JIL), bagging 98.66% of the votes of its Committee of Creditors. State-owned NBCC India had also submitted a bid and it got 98.54% of CoC (committee of creditors) votes. This is the fourth round of the bidding process to find a buyer for JIL, which went into Corporate Insolvency Resolution Process in August 2017 after it defaulted on loans of INR 22,600 crore. Suraksha had offered 2,552 acres to secured financial creditors with a fair value of INR 6,456 crore; INR 1,280 crore in instruments to secured financial creditors, and INR 29 crore to FD holders. NBCC had offered 1,903-acre land to bankers and 90% stake in Yamuna Expressway including 4,660 acres of expressway land and 137.85 acres of commercial land for development. It offered additional 100 acres for payment to homebuyers.