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Home buyers have had to battle it out for a long time to get possession of the flats they paid for. Giving much relief to the disgruntled home buyers, the <keyword id="6354977" type="ORGANIZATION" weightage="100" keywordseo="supreme-court">Supreme Court</keyword> today observed it wanted to help these investors who must either get their flats or their money refunded by the builders. A bench headed by Chief Justice Dipak Misra heard a plea by over 40 homebuyers of <keyword id="4403632" type="LOCATION" weightage="20" keywordseo="jaypee-wish-town">Jaypee Wish Town</keyword> project at Noida in <keyword id="6357713" type="LOCATION" weightage="20" keywordseo="uttar-pradesh">Uttar Pradesh</keyword> who have challenged certain provisions of the Insolvency and Bankruptcy Code, 2016. The apex court, however, said it does not want to have more litigations in such matters. "We want to help the homebuyers but not litigation," the bench, also comprising Justices A M Khanwilkar and D Y <keyword id="364737" type="PERSON" weightage="20" keywordseo="chandrachud">Chandrachud</keyword>, said. "We want that homebuyers must get their flats or their money," the court said. The bench told petitioner's counsel Rashid Saeed that it has already appointed senior advocate Shekhar Naphade as an amicus curiae in the matter pertaining to the insolvency proceedings against real estate major <keyword id="156709" type="ORGANIZATION" weightage="20" keywordseo="jaypee-infratech-ltd">Jaypee Infratech Ltd</keyword> It asked Saeed to file an application for impleadment as a party in the pending insolvency proceedings matter. The petitioner's counsel said these homebuyers had booked the flats in 2013 and were scheduled to get the possession las t year itself. He said the flats have not been handed over to these buyers despite the fact that they have paid bulk of the amount for the property. The apex court had on September 11 revived the insolvency proceedings against Jaypee Infratech Ltd and given its management control to the Interim Resolution Professional (IRP), appointed by the National Company Law Tribunal, with immediate effect. It had restrained the managing director and directors of the company from travelling abroad without permission and asked its parent company, <keyword id="157032" type="ORGANIZATION" weightage="20" keywordseo="jaypee-associates">Jaypee Associates</keyword>, to deposit Rs 2,000 crore with the registry to safeguard the interest of the home buyers. The top court had also asked Jaypee Infratech to hand over the records to the IRP for drafting a resolution plan indicating protection of interests of over 32,000 hassled home buyers and creditors.

This Supreme Court observation could provide great relief to home buyers

The National Company Law Tribunal (<keyword id="6355809" type="General" weightage="100" keywordseo="nclt" source="Orion">NCLT</keyword>) on Tuesday approved the Mumbai-based Suraksha group's bid to acquire debt-ridden Jaypee Infratech Ltd through an insolvency resolution process and complete around 20,000 flats across various projects in the national capital region. A two-member <keyword id="25058" type="General" weightage="80" keywordseo="principal" source="Orion">Principal</keyword> bench of NCLT headed by President <keyword id="16729592" type="General" weightage="80" keywordseo="ramalingam-sudhkar" source="Orion">Ramalingam Sudhkar</keyword> approved the resolution plan, more than three months after concluding the hearing and reserving the order. The tribunal had reserved its order on November 22 last year over the plea filed by the resolution professional of Jaypee Infratech Ltd (JIL) seeking approval for Suraksha group's bid and complete around 20,000 flats across various stalled projects in Noida and Greater Noida. In June 2021, Suraksha group received the approval of the Committee of Creditors (<keyword id="230701" type="General" weightage="80" keywordseo="coc" source="Orion">CoC</keyword>), which includes banks and homebuyers, to takeover JIL. The decision of the CoC raised hopes for 20,000 homebuyers of getting possession of their flats in the stalled projects. The corporate insolvency resolution process against JIL was started in August 2017. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/stone-processing-firm-global-surfaces-to-open-its-154-crore-ipo-on-march-13/articleshow/98475551.cms">Stone processing firm Global Surfaces to open its ₹154 crore IPO on March 13</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/women-account-for-only-10-of-total-fund-managers-in-mf-industry-morningstar-report/articleshow/98475428.cms">Women account for only 10% of total fund managers in MF industry: Morningstar report</a>

NCLT approves Suraksha group's bid for Jaypee Infratech

New Delhi, Feb 11 () Jaypee Infratech Ltd on Tuesday reported a consolidated net loss of Rs 426.95 crore in the quarter ended December. Its net loss stood at Rs 347.92 crore in the year-ago period. Total income also declined to Rs 304.9 crore in the third quarter of this fiscal year from Rs 419.97 crore in the corresponding period of the previous year. The company's total expenses fell to Rs 731.85 crore from Rs 767.89 crore during the period under review. In December, state-owned NBCC got an approval from financial creditors to takeover debt-laden Jaypee Infratech Ltd rekindling hopes of homebuyers finally getting their promised flats over the next 4 years. MJH SHWSHW

Jaypee Infratech Q3 loss widens to Rs 427 cr

<ul><li><keyword id="11606058" type="UNKNOWN" weightage="20" keywordseo="g-r-infraprojects">G R Infraprojects</keyword> has been looking to raise ₹962 crore with a complete offer for sale (OFS). </li><li>The portion kept aside for retail investors was subscribed 12.57 times on the last day of bidding. </li><li>The <keyword id="6354763" type="UNKNOWN" weightage="20" keywordseo="ipo">IPO</keyword> was open for subscription from July 7 to July 9 with a price band of ₹828-837.</li></ul>G R Infraprojects’ ₹962 crore <keyword id="47458" type="ORGANIZATION" weightage="20" keywordseo="public-issue">public issue</keyword> saw huge demand from investors as it was subscribed 102.58 times on the last day, July 9. The <keyword id="35216" type="ENTERTAINMENT" weightage="20" keywordseo="initial-public-offering">initial public offering</keyword> (IPO) was majorly oversubscribed by qualified institutional and non-institutional buyers. Most analysts had pointed out huge opportunities in the infrastructure space with GR Infraprojects for the long term on a strong order book and project execution record. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscription Status </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyers </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">168.58 times </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">238.04 times </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Retail individual </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">12.57 times </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">102.58 times </td></tr></tbody></table> The IPO offer is a complete offer for sale (OFS) from promoters. Currently, the promoter holds 88.04% stake in the company and after the initial <keyword id="48705" type="PERSON" weightage="20" keywordseo="share-sale">share sale</keyword>, this stake will come down to 86.54%. The firm’s public holding will increase from 11.96% to 13.46%. Also, the <keyword id="131983" type="PERSON" weightage="20" keywordseo="road-sector">road sector</keyword> contractor’s IPO has been the most oversubscribed IPO in the road and highways sector in over a decade. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Total </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">GR Infraprojects Ltd </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2021 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">102.58 times </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HG Infra Engineering Ltd </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2018 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4.98 times </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bharat Road Network Ltd </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2017 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.81 times </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Dilip Buildcon Ltd </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2016 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">20.95 times </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sadbhav Infrastructure Project Ltd </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2015 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.24 times </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">MEP Infrastructure Developers Ltd </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2015 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.11 times </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">PNC Infratech Limited Ltd </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2015 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.56 times </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Ashoka Buildcon Ltd </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2010 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">15.94 times </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Jaypee Infratech Ltd </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2010 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.24 times </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Man Infraconstruction Ltd </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2010 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">62.53 times </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IL&amp;FS Transportation Networks Ltd </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2010 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">33.42 times </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">MBL Infrastructure Ltd </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2009 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.97 times </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IRB Infrastructure Developers Ltd IPO </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2008 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4.30 times </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">KNR Constructions Ltd </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2008 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.25 times </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">J Kumar Infraprojects </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2008 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.17 times </td></tr></tbody></table> GR Infraprojects is an integrated road engineering, procurement and construction (EPC) company proficient in designing and constructing various road/highway projects, across 15 states in India. It has recently diversified into railway projects. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/clean-science-and-technology-ipo-subscribed-over-95-times/articleshow/84270398.cms">Clean Science and Technology IPO subscribed over 95 times on final day of bidding | Business Insider India</a> <a href="https://www.businessinsider.in/stock-market/news/cdsl-stock-has-skyrocketed-296-since-march-2020-on-surge-in-retail-demat-accounts/articleshow/84268404.cms">CDSL stock has skyrocketed 296% since March 2020 on surge in retail demat accounts | Business Insider India</a>

G R Infraprojects IPO gets subscribed 102 times, highest in the sector in over a decade

New Delhi, Feb 12 () State-owned NBCC Ltd on Wednesday reported a 41 per cent fall in consolidated net profit at Rs 49.53 crore for the quarter ended December. The company's net profit stood at Rs 83.64 crore in the year-ago period, it said in a regulatory filing. Total income declined to Rs 1,979.36 crore in the third quarter of the fiscal from Rs 2,488.17 crore in the corresponding period of the previous year. The state-owned company had in December got approval from financial creditors to takeover debt-laden Jaypee Infratech Ltd, rekindling hopes of home buyers finally getting promised flats over the next four years. MJH RVK

NBCC Q3 net profit down 41 pc at Rs 49.53 cr

New Delhi, Dec 6 () Lenders to Jaypee Infratech Ltd will have to take a haircut of over Rs 3,700 crore while 20,000 homebuyers will not get paid any penalty for delay in construction of their homes in the takeover proposals brought by Mumbai-based Suraksha Realty and state-owned NBCC for the debt-laden firm.
 As against the admitted claims of secured financial creditors of Rs 9,783 crore, Suraksha and NBCC are offering repayment of only 62 per cent of their outstanding dues despite the liquidation value of the company being around Rs 13,000 crore, sources privy to the development said.
 The two suitors on December 3 submitted revised offers for the takeover of the debt-laded firm that just a few years back built the country's first expressway wide enough to allow fighter jets to land in emergency situations.
 While bringing in very little cash, the two firms have offered land out of the landbank of Jaypee Infratech to settle some of the dues of the lenders.
 Sources said neither is offering any penalty to homebuyers whose houses has been delayed.
 Homebuyers got delay penalty during the insolvency but the two bidders, called the resolution applicants under the Insolvency and Bankruptcy Code, are not offering any, they said. MJH ANZ ABM
ABM

Lenders face Rs 3,700 cr hit, homebuyers to miss delay penalty in takeover offers for Jaypee Infra

New Delhi, Mar 5 () The Rs 750-crore deposited by Jaypee Infratech's (JIL) parent firm Jaiprakash Associates with the Supreme Court registry was a payment towards obligation of the debt-ridden firm and should be treated as the asset of the corporate debtor, the NCLT has observed while approving the bid of NBCC for JIL. The NCLT Delhi bench on Tuesday approved the bid of state-owned NBCC to acquire debt-laden JIL through an insolvency process and complete around 20,000 pending flats over the next three and half years.The court also ordered that the Rs 750 crore deposited by Jaypee Infratech's parent firm Jaiprakash Associates Ltd (JAL) with the registry of the Supreme Court would be part of the resolution plan. In the written order uploaded on its website on Thursday, the NCLT said that as JAL is not under further obligation to complete construction of homes, and it cannot be assumed that if this money returned then it would be utilised to settle the debt of creditors of Jaypee Infratech Ltd (JIL). "Since JAL is not under further obligation to complete construction of homes, there is no occasion to assume that if this money go back to JAL, it would be utilised for the cause of the creditors of the corporate debtor, in view of thereof, we hereby dispose all CAs related to Rs 750 crore issue by holding that this money is to be treated as the asset of the corporate debtor," the NCLT order said. "Though it has not been explicitly explained that JAL paid on behalf of JIL, the matter pending before the Supreme Court being with regard to homebuyers of JIL, when money was asked to be deposited towards refund of JIL homebuyers and the same being paid by JAL, now it is not open to JAL to say that it is JAL's money," it said.NCLT also rejected the submissions that Rs 750 crore has not gone into the books of JIL, therefore it cannot be treated as the assets of JIL."Since JAL has without any objection or condition paid to the home buyers of JIL on behalf of JIL, it has to be treated that the payments is towards the obligation of JIL," said NCLT in its 115-page-long order.According to NCLT, In this case, the homebuyer's money has been lying with the corporate debtor and JAL, it is the admitted fact that money come from the homebuyers has gone to JAL in the name of construction."It is not the case of the JAL that JIL money has not come for construction. Moreover JAL, by the time it has desposited, was aware that it was depoisting that money towards the obligation owned to JIL homebuyers," the order saod."Here there could not be any assumption or presumption to say that JAL depoisted this money before the Supreme Court with an assumption that it would come back to it in the event this money has not been utilised for the distribution of it to the homebuyers of JIL," it said."As long as the Supreme Court has not stated that this money has to be returned to JAL, it has to be construed that Supreme Court has conciously retained the money within the custody of it and thereafter transferred this money to NCLT with a direction that the parties shall abide by the directions of NCLT," said NCLT adding " Had the Supreme Court has felt that it should go back to JAL, the Supreme Court would have returned it to JAL, but but has not been done."NCLT further said: "Whenever any payment is made towards any liability, it has to be treated as a payment made towards that liability. It does not matter who paid the money, it matters as whether it has been paid towards an obligation or not."Jaypee Infratech went into insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium.NBCC's proposal was approved by the lenders in the third round of bidding process to find a buyer for Jaypee Infratech.In its bid, NBCC had proposed to complete over 20,000 pending flats in housing projects launched by Jaypee Infratech in Noida and Greater Noida (Uttar Pradesh).Homebuyers' claim amounting to Rs 13,364 crore and lenders' claim worth Rs 9,783 crore were admitted.NBCC offered 1,526 acres of land to lenders under a land-debt swap deal. KRH MRMR

Rs 750 cr paid by JAL was towards obligation of Jaypee Infratech: NCLT

New Delhi, Nov 23 () Homebuyers of Jaypee Infratech want NBCC to acquire the debt-laden firm in an ongoing insolvency process and have asked their representative in a panel of creditors to further negotiate on the bid submitted by the state-owned firm. 
P&amp;A Law Offices, which represents and advises nine registered homebuyers associations, has written a letter to Kuldeep Verma, who is an authorised representative of homebuyers in a committee of creditors (CoC). 
"The homebuyers unequivocally wish that NBCC should take over the JIL (Jaypee Infratech Ltd)....You are hereby instructed to endeavour to negotiate with NBCC so that its revised bid can be voted upon first," the letter said.
The law firm pointed out that the bid of Suraksha Realty, which is also in the race to acquire JIL, could be first put for voting process as per the current result of evaluation of resolutions plans of the two contenders. 
While negotiating with the NBCC, homebuyers have asked their representative Verma to ensure claim for delay compensation and no escalation charges. 
In the preliminary evaluation report, sources said Suraksha Realty has got 27 points and NBCC 20 points out of 100.
NBCC's score is less as the evaluating agency has not factored in its two offers to lenders. These are provision of 50 per cent of sales proceeds of unclaimed flats and 75 per cent of 858 acre land, which could be returned back to the JIL by Jaiprakash Associates, they added.
The evaluating agency pointed out that it was difficult to ascribe value as return of land is contingent and number of unclaimed flats have not been ascertained. 
However, sources said that lenders could get Rs 2,000-2,500 crore from NBCC's these two offers. 
NBCC and Suraksha Realty are expected to submit final bids after negotiations with the financial creditors which include lenders and homebuyers. The final bids could be evaluated again before putting on vote.
Jaypee Infratech's Interim Resolution Professional (IRP) has called a meeting of the CoC for further discussion on the bids.
As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have nearly 60 per cent votes. For a bid to be approved, 66 per cent votes are required.
To settle an outstanding claim of nearly Rs 9,800 crore to bankers, the NBCC has offered 1,426-acre land worth Rs 5,000 crore, 75 per cent of 858-acre land to be transferred to Jaypee Infratech and 50 per cent of the sale proceeds of benami or unclaimed flats. From the sale proceeds, receivables from earlier buyers and any expenses related to tax/duties/ legal will be deducted.
Sources had said that there are about 3,000 such unclaimed units.
The public sector firm has proposed to transfer the Yamuna Expressway, which connects Noida and Agra, to the lenders, but before that it plans to take Rs 2,500 crore debt against the expressway for completion of over 20,000 flats in the next four years.
Meanwhile, Suraksha Realty has offered 1,934 acres worth Rs 7,857 crore to lenders. It proposed to bring in Rs 2,000 crore as working capital to complete construction in the next three years and will retain the Yamuna Expressway with itself.
The Mumbai-based developer has proposed to complete flats in the next three years.
On delays compensation, NBCC has proposed Rs 5 per sq ft per month to be payable after grace period of one year from the scheduled delivery date, while Suraksha has offered Rs 10 per sq ft post grace period of 9 months.
Suraksha Realty has proposed that any liabilities towards farmers compensation would be extinguished and not passed on to homebuyers, while NBCC has stated that it should be collected from end user including homebuyers and development authority.
That apart, Suraksha Realty has proposed to set aside Rs 100 crore worth land for the welfare of homebuyers.
Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
In the first round of insolvency proceedings conducted last year, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then the apex court.
On November 6, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty. MJH MKJ

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