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Suraksha Group: Revival of Jaypee Infratech Ltd's Wish Town Project in Noida, ET RealEstate

The UP government is preparing a cabinet note on the terms of the resolution plan submitted by Suraksha Group for the revival of Jaypee Infratech Ltd’s Wish Town project in Noida. More than 20,000 delayed flats are to be completed and handed over to buyers.

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Jaypee Infra insolvency: IRP seeks extension of process from SC till July 7

Read more about Jaypee Infra insolvency: IRP seeks extension of process from SC till July 7 on Business Standard. State-owned NBCC and Suraksha group are in the fray to acquire the debt-laden realty firm Jaypee Infratech Ltd (JIL) and complete over 20,000 pending flats for homebuyers

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Suraksha Group seeks more time to submit final bid for Jaypee Infratech

Suraksha Group has sought at least seven days' extension to submit an "improved revised" bid to acquire debt-laden Jaypee Infratech Ltd (JIL) through insolvency as it is exploring ways to sweeten its offer for both homebuyers and lenders.
The Mumbai-based firm, which is pitted against NBCC to acquire JIL, did not submit its resolution plan on June 4 and rather sought at least seven-day extension to sweeten its offer for homebuyers and bankers.
NBCC, however, submitted its resolution plan. It is up to financial creditors now to decide whether Suraksha should be given the extension or not.
In a letter to Interim Resolution Plan (IRP) Anuj Jain on Friday, Suraksha Group asserted that it had already submitted a legally compliant resolution plan on May 18 and the bid was deliberated upon in the meeting of the CoC (Committee of Creditors).

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NBCC submits final bid to buy Jaypee Infra; Suraksha seeks more time

State-owned NBCC on Friday submitted its final bid to acquire Jaypee Infratech Ltd (JIL) while rival Suraksha group sought more time to make the final offer for the debt-laden realty firm under the insolvency resolution process, sources said.
According to the sources, NBCC has submitted the final bid and it is compliant with the Insolvency and Bankruptcy Code (IBC) provisions and a Supreme Court order passed in March this year.
Suraksha group has written a letter to creditors seeking seven more days to further sweeten its last bid, which was submitted on May 18. The group also wants to reduce the timeline to complete flats from its earlier proposal of 42 months for deliveries, the sources said.

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