Suraksha group gets nod from lenders, homebuyers to buy Jaypee Infratech

This is the fourth round of bidding process to find a buyer for JIL, which went into Corporate Insolvency Resolution Process (CIRP) in August 2017.

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M&As in India | M&A | Jaypee Infratech

Jaypee Infratech

Photo: Reuters

Mumbai-based Suraksha group on Wednesday received the approval of financial creditors and homebuyers to takeover debt-laden Jaypee Infratech Ltd (JIL).

The 10-day-long voting process on the takeover proposals submitted by NBCC and Suraksha group ended on Wednesday afternoon. More than 98 per cent of the votes were in favour of Suraksha group’s bid.

This is the fourth round of bidding process to find a buyer for JIL, which went into Corporate Insolvency Resolution Process (CIRP) in August 2017.

“Suraksha group has won the bid with 98.66 per cent votes,” JIL’s Interim Resolution Professional (IRP) Anuj Jain told PTI.

It got 0.12 per cent more votes than NBCC, he added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, June 23 2021. 18:20 IST