NEW DELHI: Lenders of debt-ridden Jaypee Infratech will meet on November 27 possibly to discuss the future course of action after interest shown by five companies to take over the real estate firm.
In a regulatory filing on the exchanges, the company said “a meeting of Committee of Creditors will be held on 27 November, 2018”.
However, it did not disclose the agenda of the meeting.
Five companies — NBCC, Kotak Investment, L&T Infrastructure, Singapore-based Cube Highways and Suraksha group — have shown interest in taking over 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.
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.
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.
Source: Press Trust of India