Mumbai based Suraksha Realty, assured an upfront payment of Rs 25 crore within 90 days of approval through infusion of funds by way of equity. Suraksha Offers Land to Jaypee Infra’s Lenders. Mumbai-based Suraksha Realty has offered Rs 7,857 crore worth of land to the financial creditors of insolvent Jaypee Infratech along with an upfront infusion of Rs 25 crore.
While Suraksha Offers Land to Jaypee Infra’s Lenders. NBCC (India), the other contender, in its resolution plan, has offered to pay the full amount of Rs 9,782.60 crore through the transfer of land bank worth Rs 5,001 crore, transfer of the Yamuna Expressway and half of the profits generated from the sale of unclaimed real estate units among others.
Suraksha Offers Land to Jaypee Infra’s Lenders. Several options have been laid down under the resolution as the debt land swap, one of them being “simple sub-lease” or direct transfer of land as conveyance and another being “full slump exchange structure”.
As per the simple sub-lease method, Jaypee would directly transfer the land as conveyance but only subject to Income Tax department granting waiver of tax to JIL and lenders agreeing to incur stamp duty and registration cost, the resolution plan says.
In this way, the Suraksha’s plan has laid down several options and procedures and respective conditions attached with them.
It also says that upon completion of the debt land swap, the institutional financial creditors shall withdraw all enforcement actions, notices under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act (SARFAESI), cases, FIRs and complaints against Jaypee Infratech in any court or government agency.
The visionaries and veterans at Suraksha are now backed by the Team Nouveau, the team of young guns who bring new ideas to the table along with fresh perspectives and enthusiasm.
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