Diabytes
Jaiprakash Associates Ltd News
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In September 2018, ICICI Bank had filed a petition before the Allahabad bench of National Company Law Tribunal (NCLT) seeking to start insolvency proceedings of JAL, which is into infrastructure and real estate.
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On May 16, the apex court had said that the liquidation proceedings against JAL's debt-ridden subsidiary Jaypee Infratech Ltd (JIL) shall remain stayed on submission of this amount.
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Home buyers of debt-ridden Jaypee Infratech, the real estate arm of JAL, had moved the apex court seeking relief in view of significant delays in completion of housing projects.
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The offer, which includes paying part of Rs 9,800 crore debt, giving lenders an equity stake in the company and completing unfinished housing projects, is over 25 per cent higher than the best bid made for Jaypee Infratech at the bankruptcy proceedings.
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SC has directed Insolvency Resolution Person to consider representation of JAL as per law.
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The court also stayed all notices for demands raised by the developers to the home buyers seeking refund of their money.
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The apex court has also ordered creation of a portal for registering grievances of homebuyers of JAL.
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The apex court, however, extended the time from October 27 to November 5 for the company to deposit Rs 2000 crore.
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The company had called a board meeting to consider the recommendations of the audit committee on the debt restructuring process approved by the Joint Lenders' Forum.
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Banks plan to take control of indebted infrastructure company Jaiprakash Associates Ltd by swapping part of its loans for equity, two banking sources with direct knowledge of the matter said on Friday.
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Debt-ridden Jaiprakash Associates today announced the part sale of its cement business to the Kumarmangalam Birla-led Ultratech for Rs 15,900 crore, marking the biggest consolidation in the cement sector.
UltraTech's proposed buyout of two cements plants from Jaiprakash Associates Ltd (JAL) has got the approval of fair trade watchdog CCI, which said the deal is unlikely to have an adverse impact on competition.
The exclusivity period of the pact for Reliance Power's proposed acquisition of Jaiprakash Associates' hydro power portfolio in a Rs 12,000 crore deal is likely to be extended by 60 days.
Anil Ambani Group firm Reliance Power Sunday said it has signed an initial agreement to acquire all the three hydroelectric power plants of Jaiprakash Associates Ltd.
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