Insolvency
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In the bid to take over the debt-ridden Jaypee Infratech five companies including, Kotak Investment, NBCC, L&T Infrastructure, Singapore-based Cube Highways and Suraksha group showcased interest. This company is currently facing bankruptcy proceedings in the National Company Law Tribunal [NCLT] and Anuj Jain, Jaypee Infratech’s Interim Resolution Professional (IRP) in October initiated a fresh start 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 a resolution plan to revive Jaypee Infratech Ltd (JIL), as many residential projects of the company are stuck in Noida and Greater Noida.

The Interim Resolution Professional has received a total of five EoIs from interested parties, JIL has said.  Among all five companies, L&T Infrastructure Development Projects is only interested in 165-km Yamuna Expressway and is not interested for the development of land parcels attached to the expressway belonging to JIL.

Other than this, state-owned NBCC [National Building Construction Company] has also submitted the Express of Interest [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 manage 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.

JIL, is a secondary company of Jaypee Group’s flagship firm Jaiprakash Associates and is constructing nearly 32,000 flats. Out of these dwelling units 9,500 units have been delivered.

JIL also has an outstanding debt of approximately Rs. 9,800 crore, of which Rs 4,334 crore is related 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.

Shilpa Sardare Jain
Shilpa Sardare Jain is a journalist and works as a content writer with us. Her journalistic background helps her cater the viewers with accurate news about everything around. She is experienced at writing articles, blogs, features and news related to different genres. She started her career with News24 News channel and then worked with a leading digital media channel One India News and few others. Shilpa Sardare Jain is a joyful person who loves to explore new places and food when not working. Also, she has the zest for reading autobiographies of politicians who took the world by storm.