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Earlier this month, the Mumbai-based Suraksha Group took control of the Jaypee Infratech Ltd (JIL) by constituting a three-member board.
The appellate tribunal said if Suraksha Group and YIEDA will not settle their issues by the next date of hearing on April 18, 2024 then the plea will be heard on merit and a judgment passed
Sources confirmed that the I-T Department has filed the petition before the National Company Law Appellate Tribunal (NCLAT) against the NCLT order.
The interim resolution professional has handed over control to the interim monitoring committee (IMC) and it has started initiating work on implementation of the resolution plan
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.
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Homebuyers call it a positive development but are sceptical that the decision may be challenged again.
The NCLT president Justice Ramalingam Sudhakar had reserved the order on November 22, the last date of hearing, but a written order was uploaded today.
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.
IRP Anuj Jain tells Moneycontrol that the company is presently sufficiently funded to scale up construction and would be utilising Rs 250 crore available with it to restart work. Interim finance of Rs 300 crore offered by Suraksha Group is interest bearing and comes at a cost.
Suraksha Group inherits close to around 6,000 acres from Jaypee Infratech of which it would be left with 800 acres after paying off institutional financial creditors
Suraksha Group won the bid by a slight margin; the bid by Suraksha Group received 98.66% votes and the one by NBCC got 98.54% votes
IRP confirms that Suraksha Group submitted its bid just before the commencement of the CoC meeting on June 7.
Both Suraksha Group and NBCC are expected to submit their revised bids by June 4.
