Suraksha Group earmarks 2,552 acre of land in Delhi-NCR for Jaypee Infratech lenders
Jaypee Infratech Ltd (JIL) through insolvency process, has identified 2,552 acre of land parcels for lenders of the bankrupt realty firm in accordance with the resolution plan. On June 4, Suraksha Group took control of JIL following the National Company Law Appellate Tribunal's (NCLAT) decision on May 24, upholding its bid to acquire JIL and constituted a new board.
According to sources, Suraksha Group has earmarked 2,372 acre of land for assenting lenders and 180 acre, separately, for ICICI. The group had appointed real estate consultant CBRE to help in land identification process. JIL had around 6,250 acre of land in Delhi-NCR and adjoining areas.
In its resolution plan, which was approved by the National Company Law Tribunal (NCLT) in March last year, Suraksha Group has offered bankers more than 2,500 acre of land to partly settle their dues.
Sources said Suraksha Group, during the last three months, has infused Rs 125 crore as equity and another Rs 125 crore as debt in Jaypee Infratech, besides arranging a Rs 3,000 crore loan facility, as it gears up to complete around 20,000 unfinished flats in Delhi-NCR.
Moreover, around Rs 1,000 crore cash is lying in the balance sheet of the JIL, which the bankrupt company has accumulated from real estate business and toll income of Yamuna Expressway that connects Greater Noida and Agra. So, the total cash available in JIL is Rs 1,250 crore.
Suraksha Group puts Rs 250 cr in Jaypee Infratech, gets Rs 3K cr loan facility to complete 20K flats
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