Lenders reject Jaypee Infratech's request to accept its bid to acquire bankrupt firm
Jaiprakash Associates
Ltd (JAL) have turned down
Jaypee Infratech
's request to accept its resolution plan to acquire the bankrupt diversified company.
Five companies --
Adani Enterprises
,
Vedanta Group
,
Dalmia Bharat Cement
, Jindal Power and PNC Infratech -- have submitted their resolution plans to acquire JAL.
However, lenders of JAL, on June 25, had rejected the resolution plan of Suraksha Group-owned Jaypee Infratech Ltd as the bid was submitted late and without earnest money.
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, they added.
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, which has business interests spanning real estate, cement manufacturing, hospitality, and engineering & construction, was admitted into the Corporate Insolvency Resolution Process (CIRP) through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024.
JAL was taken to insolvency proceedings after the conglomerate defaulted on the payment of loans.
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, strategically 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.
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