Jaiprakash Associates shares jump nearly 5% after resolution plan deadline extended
By Aditya Bhagchandani Published on June 10, 2025, 09:27 IST
Shares of Jaiprakash Associates Ltd surged 4.72% on Tuesday to ₹3.55, following the company's announcement of an extension in the deadline for submission of resolution plans under its ongoing corporate insolvency process. The earlier deadline of June 9, 2025, has now been pushed to June 24, 2025.
In a regulatory filing on Monday (June 9), the company stated, 'Consequent upon requests received from several PRAs (Prospective Resolution Applicants) for extension of the current deadline… the members of the Committee of Creditors of the Corporate Debtor have approved with the requisite majority the extension of time for submission of Resolution Plans.'
The extension is expected to give more room to interested applicants to structure their proposals for the distressed assets of the company. Jaiprakash Associates, the flagship firm of the debt-laden Jaypee Group, is currently undergoing the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, after being admitted by the NCLT's Allahabad Bench via an order dated June 3, 2024.
The company is engaged in various sectors including cement, power, hospitality, construction, and real estate. Its insolvency proceedings mark a significant development in India's ongoing efforts to resolve legacy bad debts through structured resolution frameworks.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Upturn
13 hours ago
- Business Upturn
Texmaco Rail & Engineering bags Rs 44 crore order from MRVC for traction-transformer works
By Aditya Bhagchandani Published on June 10, 2025, 17:34 IST Texmaco Rail & Engineering has informed the exchanges that it has won a contract worth Rs 44.04 crore from Mumbai Railway Vikas Corporation (MRVC) to supply, construct, install, test and commission traction transformers, sectioning posts (SPs) and related works for the third and fourth lines of Central Railway. In its disclosure, the company said the project involves setting up a 1×25 kV, 110/25 kV traction sub-station with 40/56 MVA AC traction transformers and two sectioning posts, together with all associated civil and electrical works. The work is entirely domestic, carries no related-party element, and must be completed within 18 months. Texmaco Rail & Engineering added that neither its promoter group nor any of its group companies holds an interest in MRVC. The order, awarded via a letter dated 9 June 2025, will be executed under the terms laid out in SEBI's November 2024 disclosure framework. This contract further strengthens the company's railway-electrification portfolio at a time when Indian Railways continues to expand high-capacity suburban corridors. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock-market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Upturn
15 hours ago
- Business Upturn
Z-Tech (India) secures Rs 17.7 crore Creative Park construction project in Gandhi Nagar
By Aditya Bhagchandani Published on June 10, 2025, 14:55 IST Z-Tech (India) Limited has announced the receipt of a significant construction contract for a Creative Park project in Gandhi Nagar. The total value of the order stands at Rs 17,71,99,885 (excluding GST), according to the company's disclosure under SEBI's Listing Obligations and Disclosure Requirements (LODR) regulations dated June 10, 2025. The company stated that this project marks a key milestone in its expansion into high-value infrastructure contracts and showcases its execution capability in the public development sector. In addition, Z-Tech reaffirmed its earlier project engagement with Nagar Palika Parishad, Auraiya, Uttar Pradesh. The project involves building a park integrated with hotel and banquet facilities, signalling its focus on comprehensive infrastructure development. Z-Tech expressed confidence that these developments would positively contribute to the company's long-term growth. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Upturn
15 hours ago
- Business Upturn
Reliance Infrastructure in focus after Bombay High Court orders MMRDA to deposit Rs 1,169 crore
By Aditya Bhagchandani Published on June 10, 2025, 14:18 IST Reliance Infrastructure is in the spotlight after the company informed exchanges that the Bombay High Court (BHC) has directed the Mumbai Metropolitan Region Development Authority (MMRDA) to deposit approximately Rs 1,169 crore (including interest as of May 31, 2025) with the court's registry by July 15, 2025. This move is linked to the arbitration award granted in favour of Mumbai Metro One Pvt Ltd (MMOPL)—a joint venture between Reliance Infrastructure (74%) and MMRDA (26%). The BHC observed that no case was made out for an unconditional stay of the arbitral award and issued the directive while hearing MMRDA's challenge to the award under Section 34 of the Arbitration and Conciliation Act. The arbitral tribunal had earlier awarded Rs 992 crore plus interest to MMOPL in a dispute regarding the Versova–Andheri–Ghatkopar metro corridor. The detailed order from the court will be made available in due course. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
