Moneycontrol
Nov 14, 2017 12:15 PM IST | Source: PTI

JP Associates-JSW keen on resolution of Jaypee Infra

Jaiprakash Associates Ltd (JAL), part of the Jaypee group, also said that the Jaypee Infratech Ltd (JIL) has more assets than liabilities and it is a fit case for resolution.

 
 
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Debt-ridden Jaiprakash Associates said today that alongwith JSW group, it has shown interest in completing real estate projects of group firm Jaypee Infratech as per the insolvency resolution plan.

Jaiprakash Associates Ltd (JAL), part of the Jaypee group, also said that the Jaypee Infratech Ltd (JIL) has more assets than liabilities and it is a fit case for resolution.

In a BSE filing, JAL said that the Insolvency Resolution Professional (IRP), appointed by the National Company Law Tribunal (NCLT), Allahabad, had issued an Expression of Interest for the resolution of JIL against which various companies and private equity funds evinced interest.

This matter was disclosed by IRP on November 10 during the meeting of Committee of Creditors, it added.

"JAL had also put up its EOI to Resolution Professional for resolution of JIL. JSW Infrastructure Ltd -- a JSW group company had also sent a confirmation to resolution professional that they would also get associated with JAL in resolution plan of JIL," the filing said.

JAL also said that the company in its submission to the Supreme Court on various dates in October 2017 had make an argument that "JIL has more assets than liabilities and it is a fit case of resolution".

Meanwhile, metals and mining giant Vedanta Ltd today said it has submitted a preliminary expression of interest (EoI) for Jaypee Infratech currently undergoing the Insolvency Resolution Proceedings (IRP).

The company has "submitted a preliminary non-binding Expression of Interest for submission of resolution plan of Jaypee Infratech Ltd under corporate insolvency process (CIRP)," Vedanta Ltd said in a BSE filing.

It, however, said that no negotiations have taken place on this with Jaypee Infratech Ltd.

The statement comes amid reports that Vedanta is among the few players who have shown interest in buying Jaypee Infratech in full or in part.

The company further said, "the submission of EoI is in the normal courses of business and an indication of preliminary interest and does not constitute any offer to buy the asset."

The EoI invited by insolvency resolution professional (IRP) has received response from various entities, including corporates and asset reconstruction companies.

The National Company Law Tribunal (NCLT) has admitted the application by an IDBI Bank-led consortium seeking resolution for Jaypee Infratech under the Insolvency and Bankruptcy Code.

Moving ahead with the process, the NCLT-appointed IRP Anuj Jain on October 27 issued a public notice seeking applications from entities with regard to Jaypee Infratech.

The last date for submission of EoI was November 7. Jaypee Infratech has defaulted on Rs 526.11 crore outstanding loan to IDBI.
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