Lenders reject Suraksha Realty's bid for debt-laden Jaypee Infratech

Lenders have rejected Suraksha Realty's bid for debt-laden Jaypee Infratech, according to our sources. This development comes just a day after Distressed homebuyers of debt-ridden Jaypee Infratech Thursday demanded that state-owned NBCC's bid to acquire the realty firm should be reconsidered as they do not have any faith in private companies.

In 2017, the National Company Law Tribunal (NCLT) admitted the application by an IDBI Bank-led consortium seeking resolution of Jaypee Infratech. The realty firm has an outstanding debt of nearly Rs 9,800 crore.

During the first round of insolvency proceedings, the Rs 7,350 crore bid of Lakshdeep, part of Suraksha group, was rejected by lenders as it was found to be substantially lower than the company's net worth and assets.

In October 2018, the IRP started a fresh initiative to revive Jaypee Infratech on the NCLT's direction.