By
Jaypee Infra’s lender panel okays deadline extension for filing resolution plan
Photo Credit: Reuters

The lenders’ panel of Jaypee Infratech has okayed the shortlisted bidders’ request to extend the deadline for filing bankruptcy resolution plans from 27 January to February 15, the debt-laden company said in a filing to stock exchanges.

The lenders’ panel also decided to extend the bankruptcy resolution process by another 90 days. The process was originally slated to end in May this year.  

State-owned NBCC (formerly National Buildings Construction Corporation), Kotak Investment Banking, Singapore-based Cube Highways backed by I Squared Capital and International Finance Corporation (IFC), and Suraksha group had been shortlisted as bidders for Jaypee Infratech, which is undergoing bankruptcy proceedings in the National Company Law Tribunal (NCLT).

Jaypee Infratech, a subsidiary of Jaypee group's flagship firm Jaiprakash Associates, is developing about 32,000 flats, of which it has delivered 9,500 units.

The realty firm owes banks Rs 9,783 crore while homebuyers’ dues stand at Rs 13,980 crore.

On Wednesday, VCCircle reported that former public relations executive Niira Radia-backed hospital chain Nayati Healthcare and Research Pvt. Ltd has shown interest in buying Jaypee Hospitals, an arm of Jaypee Infratech.  

The debt-laden infrastructure major’s affairs, business and assets are currently being managed by interim resolution professional Anuj Jain appointed by the NCLT.

Investors and funds interested in buying assets in the real estate and infrastructure space include IRB Infrastructure Developers, joint venture Adani Group-Prakash Asphaltings & Toll Highways India Ltd, Singaporean state investor Temasek, and Ashoka Buildcon-Macquarie.

Some others looking at the stressed assets space include Canada’s alternative investor Brookfield Asset Management, National Investment and Infrastructure Fund, Canada’s Caisse de depot et placement du Quebec (CDPQ), and Canada Pension Plan Investment Board (CPPIB).

Leave Your Comment(s)