Advertisement
Lenders of Jaiprakash Associates Ltd (JAL) have rejected a resolution plan submitted by Jaypee Infratech, now owned by Suraksha Group, due to late submission and lack of earnest money. JAL, undergoing insolvency since June 2024 with INR 57,185 crore in claims, received resolution plans from five other bidders-Adani, Vedanta, Dalmia Bharat Cement, Jindal Power, and PNC Infratech. The Committee of Creditors declined Jaypee Infratech's request to reconsider its bid. Some of the submitted plans are conditional, tied to pending legal matters. JAL owns major real estate, hotel, and cement assets in NCR, MP, and UP. NARCL is the largest claimant after acquiring JAL's debt from SBI-led lenders.
Lenders of Jaiprakash Associates Ltd (JAL) have turned down Jaypee Infratech's request to accept its resolution plan to acquire the bankrupt diversified company. However, lenders of JAL have rejected the resolution plan of Suraksha Group-owned Jaypee Infratech Ltd as the bid was submitted late and without earnest money. Five companies -- Adani Enterprises, Vedanta Group, Dalmia Bharat Cement, Jindal Power and PNC Infratech also submitted their resolution plans to acquire JAL Advertisement
According to sources, Jaypee Infratech requested the Committee of Creditors (CoC) of JAL to reconsider the decision to reject its bid. It sought permission to participate in the insolvency process. In a meeting on July 1, the members of the CoC unanimously agreed not to change its earlier decision to reject Jaypee Infratech's resolution plan.
In the meeting, the resolution professional also presented a brief summary of the five resolution plans, according to sources. A detailed summary of all five resolution plans would be prepared, based on which the highest bidder will be determined, they added. Some of the bids are conditional and linked to the outcome of the pending legal cases, they said.
JAL was admitted into the Corporate Insolvency Resolution Process (CIRP) through the National Company Law Tribunal, Allahabad Bench in June 2024. Creditors are claiming a staggering Rs 57,185 crore. The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India (SBI).
JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, located near the upcoming Jewar International Airport. It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra.
JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are non-operational. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd and several other companies.
Jaypee Group's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency process. Suraksha Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida.
Source: PTI
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
