Jaypee Infratech

JAL approaches NCLAT against NCLT order on Jaypee Infratech matter

Jaiprakash Associates has approached the insolvency appellate tribunal NCLAT against the NCLT order relating to the distribution of Rs 750 crore in the Jaypee Infrastructure matter. The amount was deposited with the Supreme Court registry by Jaiprakash Associates Ltd (JAL), the erstwhile promoter of Jaypee Infratech Ltd (JIL), which is going through insolvency proceedings since August 2017. JAL had challenged the NCLT order over the distribution of money, sources said. As per the NCLAT cause list, the matter between JAL and JIL is scheduled for hearing on Tuesday before a two-member bench of the National Company Law Appellate Tribunal (NCLAT). In an order on March 7, the National Company Law Tribunal (NCLT) approved the Mumbai-based Suraksha group's bid to buy Jaypee Infratech Ltd (JIL), a development that comes as a relief for more than 20,000 homebuyers nearly six years after the debt-ridden company entered into the insolvency process. In its 491-page order, the NCLT had directe

Debt-ridden Jaypee Infratech Dec quarter net loss widens to Rs 601 crore

Debt-ridden Jaypee Infratech Ltd, which is undergoing insolvency resolution, on Monday reported widening of its consolidated net loss to Rs 601.24 crore for the third quarter of this fiscal. Its net loss at stood Rs 540.03 crore in the year-ago period. Total income rose to Rs 312.66 crore in the December quarter of this fiscal from Rs 294.76 crore earlier. During the April-December period of this fiscal, the consolidated net loss stood at Rs 1,825.03 crore as against a net loss of Rs 1,683.32 crore in the year-ago period. Total income rose to Rs 946.19 crore in the first three quarters of this fiscal from Rs 770.4 crore in the corresponding period of the previous year. The company is earning revenue from the Yamuna Expressway Project that connects Greater Noida to Agra, as well as its healthcare business. Jaypee Infratech Ltd is facing corporate insolvency resolution process (CIRP) since August 2017. In November last year, the National Company Law Tribunal (NCLT) reserved its o

Jaypee Infra insolvency: Lenders, except ICICI Bank, assign debt to NARCL

Debt-ridden Jaypee Infratech, which is facing insolvency proceedings, on Tuesday said that all the consortium lenders -- excluding ICICI Bank -- have assigned their debt to National Asset Reconstruction Company Ltd (NARCL). Jaypee Infratech Ltd (JIL) is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the provisions of the Insolvency & Bankruptcy Code (IBC) following an order dated August 9, 2017, passed by the Allahabad-Bench of National Company Law Tribunal (NCLT). The case has been reserved for orders on the approval of the resolution plan in respect of JIL before the NCLT, Principal Bench, Delhi. In a regulatory filing, JIL said the company has been financed by a consortium of lenders comprising IDBI Bank Ltd, India Infrastructure Finance Company Ltd, Union Bank of India, Life Insurance Corporation of India, State Bank of India, Canara Bank, Bank of Maharashtra, IFCI Ltd, J&K Bank Ltd and ICICI Bank -- which also form part of the Committee of ...

NARCL gets Centre's blanket guarantee worth Rs 15,300 crore: Report

The banks will now be able to rely on government guarantees on the stop security receipts (SRs) issued by the NARCL during the liquidation proceedings

NCLT reserves order on Suraksha's bid to acquire Jaypee Infratech

The insolvency tribunal NCLT has reserved its order on Mumbai-based Suraksha group's bid to acquire Jaypee Infratech Ltd and complete around 20,000 flats for aggrieved homebuyers. While a two-member special bench headed by NCLT President Justice Ramalingam Sudhakar had reserved the order late last month, a written order for this was uploaded recently. After concluding the hearing on November 22, the NCLT bench directed the parties to submit their final written submissions. In June last year, Mumbai-based Suraksha group received the approval of financial creditors and homebuyers to takeover the Jaypee Infratech Ltd (JIL), raising hopes for 20,000 homebuyers of getting possession of their dream flats in stalled projects, mainly in Noida and Greater Noida. The Committee of Creditors (CoC) had approved the Suraksha Group bid for the debt-ridden JIL. However, it was pending for approval before the Delhi-based Principal bench of the National Company Law Tribunal (NCLT). Earlier this yea

First NARCL transfer case: Lenders await govt guarantees for SR

The NARCL offered just more than Rs 3,500 crore for debts of over Rs 9,200 crore held by state-owned banks

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Jaypee Infra insolvency: Decks cleared for NARCL to buy first stress asset

Jaypee Infratech deal expected to close by early Nov

Sale of cement units to Adani group a relief for Jaiprakash lenders

Lenders said they are still awaiting the resolution of a debt worth Rs 21,658 crore with Jaypee Infratech -- the real estate arm of the group

NARCL makes offers to acquire Jaypee Infratech debt held by Public Banks

NARCL's Rs 3,570-crore offer for the Rs 9,234 crore debt held by nine public sector lenders has triggered a Swiss challenge auction where it will have the right to match the winning bid and take over

The wait gets longer for lenders, homebuyers in Jaypee Infratech resolution

March 31 deadline for Rs 22,600 cr debt resolution missed as litigation delays process; matter has been dragging on for five years instead of six-month deadline under IBC

Sebi levies Rs 7 lakh fine on Jaypee Infratech for disclosure lapses

Markets regulator Sebi on Monday imposed Rs 7 lakh fine on Jaypee Infratech Ltd for disclosure lapses.

Jaypee Infra insolvency: NCLT to hear Suraksha resolution plan on Mar 7, 9

The National Company Law Tribunal (NCLT) will hear on March 7 and March 9 matters related to approval of the Suraksha group's bid to acquire debt-ridden realty firm Jaypee Infratech Ltd

Lenders expect to close Jaypee Infratech's debt resolution by March

Firm likely to go to Suraksha Realty, which made winning bid of Rs 7,736 crore as against govt-owned NBCC India's Rs 6,536 crore offer last June

Jaypee Infratech second quarter loss widens to Rs 613.87 crore

Its net loss stood at Rs 490.78 crore in the year-ago period

Suraksha ARC promises to restart stalled Jaypee Infra projects soon

Will infuse working capital funds, deploy a new tech team to revive stalled work; plans to collect dues from home buyers and monetise unsold inventory to expedite construction

Suraksha group may have to cross legal hurdles to take control of Jaypee

With Jaypee in its kitty, Suraksha will get highly visible assets such as the Noida-Agra Expressway and the land bank around the expressway, and 730-bed hospitals in Noida and Bulandshahr

Suraksha group beats NBCC India in close race to buy Jaypee Infratech

It's a photo finish with Suraksha getting 98.66% votes, while NBCC gets 98.54%

Top headlines: Suraksha gets Jaypee Infra; US births see biggest decline

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Suraksha group gets nod from lenders, homebuyers to buy Jaypee Infratech

This is the fourth round of bidding process to find a buyer for JIL, which went into Corporate Insolvency Resolution Process (CIRP) in August 2017.