Jaypee Infratech's financial creditors, including lenders and homebuyers, approved the bid of state-owned NBCC to acquire the debt-laden realty firm under insolvency process, according to sources.
Jaypee Infratech insolvency: Suraksha Realty may offer more cash and land to lenders, higher compensation to buyers
Mumbai-based Suraksha Realty, which is in the race with state-owned NBCC to acquire bankrupt Jaypee Infratech, is likely to offer additional cash and land to lenders, and higher delay penalty compensation to homebuyers to make its final resolution more lucrative for financial creditors, sources said
Jaypee Infratech crisis: Lenders ask NBCC, Suraksha Realty to sweeten offers, submit final bids by 3 December
Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium.
NCLAT rejects Prashant Ruia's plea to block ArcelorMittal; approves bid for Essar Steel with modification
Essar Steel director Prashant Ruia had challenged that order saying ArcelorMittal was ineligible to bid under Section 29A of the Insolvency and Bankruptcy Code as it was associated with delinquent or loan defaulting firms.
Stressed steel assets may see lower recovery rates in second round; flat steel segment's growth may moderate to 5-5.5%
Sixteen of the accounts were in the steel sector, where the haircut required was a lower 47 percent, as compared to 69 percent for other sectors.
Jaypee Infratech insolvency: Over 23,000 homebuyers, 13 banks start voting on NBCC's bid; result to be out on 20 May
The financial creditors would vote for the second time on the resolution plan for Jaypee Infratech, a subsidiary of Jaiprakash Associates Ltd (JAL).
Jaypee Infratech takeover: Lenders seek clarification from NBCC on revised bid; creditors' panel to meet again on 14 May
NBCC was also asked how it will fund the takeover of Jaypee Infratech, sources said adding that NBCC officials answered all the queries.
After govt nod, NBCC asks Jaypee Infratech RP to reconsider bid; lenders, home buyers vote on sole bid by Suraksha Realty
Financial creditors and home buyers of the Jaypee group realty firm are currently voting on the bid of Suraksha Realty,
PNB fraud case: Mehul Choksi moves Bombay High Court against non-consideration of plea on health grounds
Mehil Choksi and his nephew diamantaire Nirav Modi are absconding after the biggest financial fraud came to light in February 2018 and are facing extradition from Antigua and Britain, respectively.
The bench also asked ArcelorMittal to file an affidavit before it, detailing the steps to be taken for implementation of the resolution plan of debt-ridden Essar Steel.
Anil Ambani's RCom group to pay Rs 453 crore in four weeks, by 19 March, failing which Ambani will have to go to jail.
Essar Steel takeover: NCLAT refuses stay on NCLT nod to ArcelorMittal plan; seeks fresh distribution plan for bid amount
Making a suggestion, the NCLAT said all operational creditors below Rs 1 crore should get 100 per cent of the dues and so should the employees of Essar Steel.
Home-buyers as financial creditors: Developers' default risks spike with delayed projects, says Icra
There have been various instances of aggrieved home-buyers initiating insolvency proceedings against developers who have delayed project execution.
It is not the elevation to the ranks of financial creditor but to the ranks of secured creditors that would have given relief to the hapless homebuyers in the Jaypee Infratech case
The bankrupt Monnet Ispat owes over Rs 11,000 crore to a clutch of lenders.
RBI announces hike in limits for cheaper loan for affordable housing; raises red flag on small ticket housing loans
The RBI said after a careful analysis of the housing loans data, it has been observed that the level of NPAs for the ticket size of up to Rs 2 lakh has been high and is rising briskly.