+
 Jaiprakash Associates urges committee to consider its offer for Jaypee
Real Estate

Jaiprakash Associates urges committee to consider its offer for Jaypee

Noida-based Jaiprakash Associates, the promoter of bankrupt Jaypee Infratech, has said its settlement proposal should be by the creditors’ panel without any haircuts. The Committee of Creditors (CoC) will soon take a call on the two existing resolution plans for Jaypee Infratech.

The competition between state-run NBCC and Suraksha group to take control of Jaypee Infratech (JIL) led to its bankruptcy in August 2017.

According to the letter sent by Manoj Gaur, the Chairman of Jaiprakash Associates Ltd (JAL) to Anuj Jain, the Interim Resolution Professional (IRP) of JIL, Gaur has asked him to consider the settlement offer submitted before the Supreme Court in 2019.

Gaur also stated that since JIL has more assets than liabilities the lenders would not consider investing in loan guarantors if the firm is given off at cheaper rates.

A meeting between the Committee of Creditors (CoC) and homebuyers will be held to debate on the need for extending time given to NBCC and Suraksha group to submit their finalised bids for JIL.

Gaur revealed that liquidation of the total debt that accounts for Rs 9,783 crore to be given to the financial creditors will be done by advance payment, land swap and long term debentures of about Rs 12,500 crore.

As for home buyers, JAL would provide funds of Rs 1,650 crore for home construction out of which Rs 400 crore would be an advance payment.

In line with the plan submitted to the Supreme Court in 2019, JAL has decided to make full compensation of fixed deposits and outstanding dues of Yamuna Expressway Industrial Development Authority(YEIDA).

Gaur cites the offers made by the conglomerate to settle dues of lenders without any haircuts and promised to complete construction of around 20,000 flats left pending.

Presently, JIL undergoes Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code.

Image Source


Also read: Jaypee Infratech acquisition: NBCC, Suraksha to submit revised bids

Also read: Jaypee Infratech acquisition: Suraksha objects to bid submission extension

Noida-based Jaiprakash Associates, the promoter of bankrupt Jaypee Infratech, has said its settlement proposal should be by the creditors’ panel without any haircuts. The Committee of Creditors (CoC) will soon take a call on the two existing resolution plans for Jaypee Infratech. The competition between state-run NBCC and Suraksha group to take control of Jaypee Infratech (JIL) led to its bankruptcy in August 2017. According to the letter sent by Manoj Gaur, the Chairman of Jaiprakash Associates Ltd (JAL) to Anuj Jain, the Interim Resolution Professional (IRP) of JIL, Gaur has asked him to consider the settlement offer submitted before the Supreme Court in 2019. Gaur also stated that since JIL has more assets than liabilities the lenders would not consider investing in loan guarantors if the firm is given off at cheaper rates. A meeting between the Committee of Creditors (CoC) and homebuyers will be held to debate on the need for extending time given to NBCC and Suraksha group to submit their finalised bids for JIL. Gaur revealed that liquidation of the total debt that accounts for Rs 9,783 crore to be given to the financial creditors will be done by advance payment, land swap and long term debentures of about Rs 12,500 crore. As for home buyers, JAL would provide funds of Rs 1,650 crore for home construction out of which Rs 400 crore would be an advance payment. In line with the plan submitted to the Supreme Court in 2019, JAL has decided to make full compensation of fixed deposits and outstanding dues of Yamuna Expressway Industrial Development Authority(YEIDA). Gaur cites the offers made by the conglomerate to settle dues of lenders without any haircuts and promised to complete construction of around 20,000 flats left pending. Presently, JIL undergoes Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code. Image Source Also read: Jaypee Infratech acquisition: NBCC, Suraksha to submit revised bids Also read: Jaypee Infratech acquisition: Suraksha objects to bid submission extension

Related Stories

Gold Stories

Next Story
Infrastructure Transport

Mumbai-Ahmedabad Bullet Train’s Surat-Vapi Section Set for 2027

The first section of the Mumbai-Ahmedabad Bullet Train corridor, linking Surat and Vapi, is targeted to begin services in 2027. Construction is expected to be completed by December 2026, while Railway Minister Ashwini Vaishnaw has indicated that an inauguration could take place around the middle of 2027. The National High Speed Rail Corporation (NHSRCL) said the train being manufactured in India is expected to reach the tracks around April or May 2027. The train will undergo extensive testing before the section is opened for passenger services. The project began construction in 2021 and includ..

Next Story
Infrastructure Transport

Indian Railways Approves Four Projects Worth Rs. 7.36 bn Across Four States

Indian Railways has approved four projects with a combined value of Rs. 7.36 bn across Uttar Pradesh, Maharashtra, Andhra Pradesh and Gujarat. The programme covers train protection, signalling, electric traction supply and a road overbridge, with each project assigned to a different railway zone. In Uttar Pradesh, Rs. 2.52 bn has been approved to extend the Kavach 4.0 automatic train protection system across 607.7 km in the Lucknow Division of North Eastern Railway. The system monitors train movements and can apply the brakes if a driver fails to observe a signal or exceeds a safe speed. The w..

Next Story
Infrastructure Urban

Chandru Raheja Sells 1.49% Stake in Mindspace REIT for Rs. 5 bn

Billionaire Chandru Lachmandas Raheja has sold a 1.49 per cent holding in Mindspace Business Parks REIT for Rs. 5 bn through a bulk deal on the BSE. The transaction involved 9.9 mn units and was executed at an average price of Rs. 505 per unit, according to exchange data. Following the sale, units of Mindspace Business Parks REIT were trading 0.18 per cent lower at Rs. 504.05 on Tuesday. Exchange data did not identify the buyers involved in the transaction. Raheja is the chairman of real estate company K Raheja Corp. The sale involved 99,00,990 units, representing 1.49 per cent of the Mumbai-b..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code