Noida: After almost four years Jaypee Infratech was referred for insolvency resolution, Mumbai based Suraksha group emerged as the preferred bidder in the fourth attempt on Wednesday, beating the state-run company NBCC by the narrowest of margins.
Security controlled by Sudhir Walia got 98.66% votes, while NBCC got 98.54% votes. Walia is a relative of Dilip Shanghvi, promoter and managing director of Sun Pharma, and is also on the board of the country’s largest pharmaceutical company.
Unlike in the past when home buyers and banks opted to vote for one player, this time, a large number opted to vote for both. led by lenders IDBI Bank, which always went with NBCC, voted in both the rounds. Srei Finance, which has a 0.12% vote share, and which had not yet voted, cast a consensus vote for the security.
People associated with the long-standing process suggested that some distance would have to be traveled until the security was confirmed as a resolution applicant. On Wednesday itself, the committee of creditors endorsed the vote.
NBCC: Lost due to negative votes from institutional lenders
The panel comprising homebuyers and lenders and Suraksha Group – which includes Suraksha Realty and Lakshadweep Investments – now has to be cleared by the National Company Law Tribunal, bankruptcy court and Supreme Court before formally getting in the saddle. Anuj Jain, interim resolution professional overseeing the entire process, said, “Our endeavor is to approach the NCLT before July 7 so that it can be decided at the earliest.” The security will have to submit a bank guarantee of Rs 100 crore. In the NCLT, he said.
Suraksha, which has acquired 18 real estate projects, including . also included from UnitechThe Ansal and Ramprastha groups have since been in the fray in the National Capital Region. JP The lenders came under insolvency action following the RBI’s directive.
It is also working on a 400-acre project in Vasai near Mumbai. “It has been a long test for us. We have clearly incorporated all appeals by homebuyers in our plan to make it competitive. We have won bids because of our careful detailing and transparency – we are committed to home buyers And assure them with quick manufacturing. Work at all stages for faster delivery as promised in our resolution plan,” Alok Dave, MD and CEO, ARC, told TOI.
Buyers, banks and other lenders had 10 days to choose between two offers by the state-backed NBCC or the security. Lenders were asked to give their consent for the Resolution Applicant (RA) through a secure e-voting system.
Commenting on the poll results, an NBCC spokesperson said, “Though we had the confidence of the buyers, we lost due to negative votes from the institutional lenders.” The major difference between the two proposals of Suraksha and NBCC was that Suraksha has proposed to bring forth a corpus of Rs 3,000 crore to start construction of pending flats.
NBCC committed an advance fund of Rs 2,000 crore. Buyers’ decision was partly influenced by NBCC’s proposal that it would liquidate it Yamuna Expressway By separating it from other land properties of JIL and converting it into SPV. The offer of protection has no intention of selling the Yamuna Expressway.
Security controlled by Sudhir Walia got 98.66% votes, while NBCC got 98.54% votes. Walia is a relative of Dilip Shanghvi, promoter and managing director of Sun Pharma, and is also on the board of the country’s largest pharmaceutical company.
Unlike in the past when home buyers and banks opted to vote for one player, this time, a large number opted to vote for both. led by lenders IDBI Bank, which always went with NBCC, voted in both the rounds. Srei Finance, which has a 0.12% vote share, and which had not yet voted, cast a consensus vote for the security.
People associated with the long-standing process suggested that some distance would have to be traveled until the security was confirmed as a resolution applicant. On Wednesday itself, the committee of creditors endorsed the vote.
NBCC: Lost due to negative votes from institutional lenders
The panel comprising homebuyers and lenders and Suraksha Group – which includes Suraksha Realty and Lakshadweep Investments – now has to be cleared by the National Company Law Tribunal, bankruptcy court and Supreme Court before formally getting in the saddle. Anuj Jain, interim resolution professional overseeing the entire process, said, “Our endeavor is to approach the NCLT before July 7 so that it can be decided at the earliest.” The security will have to submit a bank guarantee of Rs 100 crore. In the NCLT, he said.
Suraksha, which has acquired 18 real estate projects, including . also included from UnitechThe Ansal and Ramprastha groups have since been in the fray in the National Capital Region. JP The lenders came under insolvency action following the RBI’s directive.
It is also working on a 400-acre project in Vasai near Mumbai. “It has been a long test for us. We have clearly incorporated all appeals by homebuyers in our plan to make it competitive. We have won bids because of our careful detailing and transparency – we are committed to home buyers And assure them with quick manufacturing. Work at all stages for faster delivery as promised in our resolution plan,” Alok Dave, MD and CEO, ARC, told TOI.
Buyers, banks and other lenders had 10 days to choose between two offers by the state-backed NBCC or the security. Lenders were asked to give their consent for the Resolution Applicant (RA) through a secure e-voting system.
Commenting on the poll results, an NBCC spokesperson said, “Though we had the confidence of the buyers, we lost due to negative votes from the institutional lenders.” The major difference between the two proposals of Suraksha and NBCC was that Suraksha has proposed to bring forth a corpus of Rs 3,000 crore to start construction of pending flats.
NBCC committed an advance fund of Rs 2,000 crore. Buyers’ decision was partly influenced by NBCC’s proposal that it would liquidate it Yamuna Expressway By separating it from other land properties of JIL and converting it into SPV. The offer of protection has no intention of selling the Yamuna Expressway.
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