Jaypee Infratech insolvency: Suraksha emerges as the highest bidder

Suraksha Asset Reconstruction Company, a Mumbai-based firm, has emerged as the highest bidder for Jaypee Infratech Ltd (JIL), a special purpose vehicle (SPV) of Jaiprakash Associates set up to construct the Yamuna Expressway project but failed to repay its loans. The company was sent for debt resolution in 2017 under the Insolvency and Bankruptcy Code 2016 after it defaulted on debt worth Rs 22,000 crore and failed to construct houses in time for homeowners. The company’s insolvency process has been mired in litigation since then.  According to a banking source, in.....

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