Jaiprakash Associates News

If NCLT allows the plea of the ICICI bank, then this will be the second company of the crisis hit Jaypee group facing insolvency.

Among the companies that are said to have hired services of Avista include Videocon, GTL Infrastructure and Suzlon for restructuring of debt.

The apex court also asked JP Associates that the real estate company must demonstrate its bonafide in the case.

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.

A bench of Chief Justice Dipak Misra, Justice Amitava Roy, and Justice A.M. Khanwilkar said Rs 50 lakh would be given to Developers Township Property Owners Welfare Society, which in turn would disburse Rs five lakh each to 10 flat buyers.

ICICI Bank on Thursday said that a lenders consortium led by it has concluded the biggest asset resolution in the country with consummation of the Rs 16,189 crore takeover of Jaypee Cements by Ultratech.

With the lenders invoking the strategic debt restructuring (SDR) option against debt-laden Japyee Group, its flagship firm Jaiprakash Associates on Saturday said it has convened a meeting of board of directors on Monday to discuss progress of divestment plans and other issues.

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.

 Amid reports that lenders may take majority control of the debt-laden Jaiprakash Associates, a senior SBI official today said it has classified the account as an NPA and lenders will soon meet to take a call on invoking Strategic Debt Restructuring (SDR) provisions.

The RBI has dropped 20 companies including Jaiprakash Associates Ltd and Coastal Energen Pvt Ltd from the initial list of 150 firms for which banks were asked make provision.

Infrastructure firm JP Associates has pulled out of the project to set up an electronic chip plant that entailed an investment of about Rs 34,000 crore.

Jaypee Group, a heavily indebted infrastructure conglomerate, said on Saturday that no bank had approached it about classifying its loans as non-performing amid government pressure on lenders to rein in large money-losing borrowers.

UltraTech Cement's Rs 17,000 crore proposed acquisition of Jaiprakash Associates's cement plants is expected to be completed by June 2017, a top official from the Aditya Birla Group's flagship firm has said.

Shares of infrastructure major Jaiprakash Associates slumped nearly 7 percent Monday as the company's standalone net loss widened to Rs 465 crore in the April-June quarter of 2015-16 fiscal.

Total income from operations of the company also declined to Rs 2,392.75 crore in the April-June quarter from Rs 3,030.40 crore in the year-ago period, the company said in a filing to the BSE.

Shree Cement has completed the acquisition of a cement grinding unit of Jaiprakash Associates for Rs 358.22 crore.

Three companies -- Jaiprakash Associates, Durgapur Projects and B S Ispat -- bagged one mine each on the third day of auction Monday, taking the total number of coal blocks sold through e-auction to eight so far.

Jaiprakash Associates Ltd's net loss widened to Rs 116.09 crore for the quarter ended December 31, 2014.

Shares of Jaiprakash Associates (JAL) on Wednesday zoomed 9 percent after Aditya Birla Group firm Ultratech announced the acquisition of its two plants in Madhya Pradesh for Rs 5,400 crore.

In one of the biggest deals in the cement sector, Aditya Birla Group firm Ultratech will acquire two plants from Jaiprakash Associates (JAL) in Madhya Pradesh for an enterprise value of Rs 5,400 crore.