Suraksha Group will arrange loan/credit facility of Rs 3,000 crore within 90 days of the approval date, to be utilised as and when required, on need basis for completion of the projects.
In June last year, Suraksha group received the approval of financial creditors and homebuyers to takeover the JIL, raising hopes for homebuyers of getting possession of their dream flats.
Gaur's current plan envisages zero haircut for lenders. Any implied haircut by a creditor would be made good in five years of accepting the plan.
The latest development comes hours after the IRP called for a meeting of the CoC in the morning of May 24 to discuss state-owned NBCC's addendum to its resolution plan, which was rejected by the panel on May 20.
NBCC’s order book more than tripled in five years to FY20. But its revenues lagged on slow execution and weak asset monetisation
Moneycontrol's Sakshi Batra talks to Vandana Ramnani to understand the reason for the delay and future of the project in this Moneycontrol exclusive.
The law firm pointed out that the bid of Suraksha Realty, which is also in the race to acquire JIL, could be first put for voting process as per the current result of evaluation of resolutions plans of the two contenders.