20 companies bid to complete Jaypee Infratech’s real estate projects
JSW Group, Vedanta Ltd, Lodha Group, Essel Group and Deutsche Bank are among the firms that have expressed interest.
At least 20 bidders are willing to complete the pending projects of real estate company Jaypee Infratech, The Times of India reported on Saturday.
Insolvency resolution professional Anuj Jain, who was appointed by the National Company Law Tribunal, has received bids from firms that are willing to invest at least Rs 2,000 crore to complete 32,000-odd apartments, plots and villas that Jaypee Infratech has failed to build, Moneycontrol reported.
Jain now has to find a solution within the 180 days with a possible extension of another 90 days. If no solution is worked out, insolvency proceedings will be initiated, The Times of India reported.
Steel and energy giant JSW Group, the Anil Agarwal-led Vedanta Ltd, the Mumbai-based Lodha Group, Essel Group, and Deutsche Bank are among the companies that have expressed interest, the Economic Times reported.
The Sajjan Jindal-led JSW is interested in acquiring a 30% stake in Jaiprakash Associates Limited, Jaypee Infratech’s parent company, and together bid to invest in the struggling firm. Jindal had earlier said that promoters whose companies have gone bankrupt should not be allowed to bid for them again under the resolution process as it would be a violation of the Insolvency and Bankruptcy Code.
Dubious promoters should not be allowed to submit the rehabilitation plan to prevent misuse of the IBC. Also the bidding criteria should be spelt out explicitly prior to inviting the bids. This will avoid likely litigation #NCLT @FinMinIndia @rsprasad @arunjaitley @PMOIndia
— Sajjan Jindal (@sajjanjindal) November 8, 2017
The Supreme Court on November 6 ordered Jaiprakash Associates Limited to deposit Rs 2,000 crore by November 13 to safeguard the interests of 30,000 homebuyers. The court’s direction came after it stayed insolvency proceedings against the real estate firm.
On August 10, the Allahabad bench of the National Company Law Tribunal had allowed insolvency proceedings against Jaypee Infratech, after its financier IDBI filed a petition against the firm for defaulting on a Rs 526-crore loan.