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

Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

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

Next Story
Real Estate

Colliers India Transacts 207,000 sq ft office space at Embassy TechVillage

Embassy Office Parks REIT, India’s first listed REIT and the largest office REIT in Asia by area, announced that it has signed an Agreement to Lease (‘ATL’) with global cyber security company Rubrik at Embassy TechVillage in Bengaluru.Colliers, a leading global diversified professional services company, specialising in commercial real estate services, engineering consultancy and investment management facilitated the transaction for Rubrik.Located on Bengaluru’s Outer Ring Road, Embassy TechVillage is one of Embassy REIT’s flagship office parks which offers world-class office spaces, ..

Next Story
Infrastructure Urban

Ensemble Infrastructure India Appoints Suman Saha as Director of Design

Ensemble Infrastructure India Ltd, a leading workplace design and build fit-out company, has appointed Suman Saha as its new Director of Design. With 25 years of experience in the industry, Suman is recognized for his innovative approach and excellence in design leadership.Working closely with the CEO, Suman’s appointment will enhance the company’s design communication across multiple touchpoints, ensuring smooth collaboration between clients, designers, and execution teams for superior project outcomes. Under his guidance, Ensemble will focus on creating workspaces and design labs that em..

Next Story
Products

Ribbon Vanity by Küche7: Fluid Design Meets Everyday Elegance

Küche7, pioneers in luxury stainless steel kitchens, have unveiled the Ribbon Vanity, a graceful creation that transforms bathroom spaces with its soft, flowing design and understated sophistication. Inspired by the fluid form of a ribbon, this vanity combines smooth finishes, clean lines, and gentle curves, offering a timeless aesthetic that seamlessly complements diverse interior styles.Available in a refined blush pink hue, the Ribbon Vanity effortlessly merges functionality with elegance. With thoughtfully designed storage options, it ensures that bathroom essentials are neatly organised ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000