Kotak Investment, L&T Infrastructure, NBCC among five firms show interest in taking over bankrupt Jaypee Infratech

Jaypee Infratech's IRP Anuj Jain had in October initiated a fresh initiative to revive Jaypee Infratech on NCLT's direction after lenders rejected over Rs 7,000 crore bid of Suraksha group.

Press Trust of India November 20, 2018 18:31:26 IST
Kotak Investment, L&T Infrastructure, NBCC among five firms show interest in taking over bankrupt Jaypee Infratech

New Delhi: Five companies — NBCC, Kotak Investment, L&T Infrastructure, Singapore-based Cube Highways and Suraksha group — have shown interest in taking over debt-ridden Jaypee Infratech, which is facing bankruptcy proceedings in NCLT.

Jaypee Infratech's interim resolution professional (IRP) Anuj Jain had in October initiated a fresh initiative to revive Jaypee Infratech on NCLT's direction after lenders rejected over Rs 7,000 crore bid of Suraksha group.

Jain had invited expression of interest (EoI) from companies to submit resolution plan to revive Jaypee Infratech Ltd (JIL), which has many stuck housing projects in Noida and Greater Noida.

Kotak Investment LT Infrastructure NBCC among five firms show interest in taking over bankrupt Jaypee Infratech

Representational image. Reuters.

The IRP has received five EoIs from interested parties, JIL has said.

Out of the five companies, L&T Infrastructure Development Projects is only interested in 165-km Yamuna Expressway and not for the development of land parcels attached to the expressway belonging to JIL.

In a filing to BSE on Tuesday, state-owned NBCC said it has submitted the EoI for submitting resolution plan for JIL and the company has been provisionally shortlisted by IRP of JIL as prospective resolution applicant.
Suraksha Asset Reconstruction has shown interest along with its entities Lakshdeep Investments and Finance and Suraksha Realty.

Last year, the National Company Law Tribunal (NCLT) had admitted the application by an IDBI Bank-led consortium, seeking resolution for JIL under the Insolvency and Bankruptcy Code.

The tribunal had appointed Anuj Jain as IRP to mange the company's business, who later invited bids from investors interested in acquiring JIL and completing the stuck real estate projects in Noida and Greater Noida.

Consequently, Lakshdeep had emerged as a front runner to acquire JIL. However, in May this year, lenders of JIL rejected the Rs 7,350 crore bid by Lakshdeep as they found it inadequate.

JIL has an outstanding debt of nearly Rs 9,800 crore, of which Rs 4,334 crore pertains to IDBI. Other lenders are — IIFCL, LIC, SBI, Corporation Bank, Syndicate Bank, Bank Of Maharashtra, ICICI Bank, Union Bank, IFCI, J&K Bank, Axis Bank and Srei Equipment Finance.

JIL, a subsidiary of Jaypee Group's flagship firm Jaiprakash Associates, is developing about 32,000 flats, of which it has delivered 9,500 units.

Jaiprakash Associates had submitted Rs 750 crore in the registry of the Supreme Court for refund to buyers. However, this amount has now been transferred to NCLT as per the order of the apex court that has now directed to start a fresh bidding process.

Recently, lenders of JIL have rejected a proposal to appoint Vijaykumar V Iyer as new resolution professional. The committee of creditors (CoC) of JIL had met on 17 October to vote on various proposals.

Updated Date:

also read

India one of the biggest, most lucrative movie markets, says MoS I&B L Murugan
World

India one of the biggest, most lucrative movie markets, says MoS I&B L Murugan

He added that movies now find their way to every individual through OTT platforms and other internet-based media, thus giving direct access to individual movie watchers

From actor to judge: Outgoing SC judge Justice Nageswara Rao has acted alongside Kader Khan, Sanjay Dutt
India

From actor to judge: Outgoing SC judge Justice Nageswara Rao has acted alongside Kader Khan, Sanjay Dutt

The revelation was made by senior advocate and vice president of the Supreme Court Bar Association Pradeep Rai during Justice Rao’s farewell on Friday

Enroute Delhi from Nepal, PM Modi makes stopover in Lucknow, meets ministers in Yogi Adityanath's Cabinet
India

Enroute Delhi from Nepal, PM Modi makes stopover in Lucknow, meets ministers in Yogi Adityanath's Cabinet

During the meeting with Uttar Pradesh ministers, PM Modi presented his views on good governance and how to improve the performance of the government. He also asked them to ensure that benefits of government schemes reach common people