JP Associates-JSW keen to complete Jaypee Infra's real estate projects under insolvency resolution plan
Jaypee Infra is developing more than 30,000 flats in Noida, most of which are incomplete. Home buyers have been protesting against significant delays in completion of the projects.
New Delhi: Debt-ridden Jaiprakash Associates said on Monday that alongwith JSW group, it has shown interest in completing real estate projects of group firm Jaypee Infratech as per the insolvency resolution plan.
Jaiprakash Associates Ltd (JAL), part of the Jaypee group, also said that the Jaypee Infratech Ltd (JIL) has more assets than liabilities and it is a fit case for resolution.
In a BSE filing, JAL said that the Insolvency Resolution Professional (IRP), appointed by the National Company Law Tribunal (NCLT), Allahabad, had issued an Expression of Interest for the resolution of JIL against which various companies and private equity funds evinced interest.
This matter was disclosed by IRP on 10 November during the meeting of Committee of Creditors, it added.
"JAL had also put up its EOI to Resolution Professional for resolution of JIL. JSW Infrastructure Ltd -- a JSW group company, had also sent a confirmation to resolution professional that they would also get associated with JAL in resolution plan of JIL," the filing said.
JAL also said that the company in its submission to the Supreme Court on various dates in October 2017 had make an argument that "JIL has more assets than liabilities and it is a fit case of resolution".
A few months ago, the NCLT had admitted the application by an IDBI Bank-led consortium seeking resolution for JIL under the Insolvency and Bankruptcy Code.
Moving ahead with the process, IRP Anuj Jain had on 27 October issued a public notice seeking applications from entities with regard to resolution of JIL.
Jaypee Infratech, which is into road construction and real estate business, has constructed the Yamuna Expressway, connecting Delhi and Agra.
The company is developing more than 30,000 flats in Noida, most of which are incomplete. Home buyers have been protesting against significant delays in completion of the projects.
As per the public notice issued by IRP, the interested body corporates having minimum net worth of Rs 1,000 crore as well as investment companies and fund houses with minimum assets under management of at least Rs 1,000 crore will be eligible to put in their applications.
Listing out the eligibility criteria, the IRP had said that the corporate entities should be of good financial health and repute as well as have the ability to invest Rs 2,000 crore or more to complete the construction of flats.
NBCC said it entered into the insolvency proceedings of Jaypee Infratech to provide relief to over 20,000 home buyers.
Jaypee Group seeks to hive off Yamuna Expressway to deposit Rs 2,000 cr; SC refuses, gives time till 5 Nov
Jaiprakash Associates Ltd (JAL) had approached the apex court seeking to hive-off the rights of Yamuna Expressway and modification or recall of 11 September order relating to deposit of Rs 2000 crore.
Lenders of debt-ridden Jaypee Infratech will meet on 18 November to take forward the process of insolvency resolution after the Supreme Court directed early this month to complete the process within 90 days