logo
CoC extends Jaiprakash Associates resolution plan deadline to 24 June

CoC extends Jaiprakash Associates resolution plan deadline to 24 June

The Committee of Creditors (CoC) for Jaiprakash Associates (JAL) has approved an extension for the submission of resolution plans, pushing the deadline to 24 June 2025. The decision was made in response to multiple requests from prospective resolution applicants (PRAs), the company said in a regulatory filing.
Previously, under the Invitation for Expression of Interest (IEOI), JAL had set 9 June 2025 as the deadline for PRAs to submit their resolution plans.
'Upon requests received from several PRAs for extension of the current deadline of 9 June 2025 for submission of resolution plans, 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 till 24 June 2025,' the company said.
Insolvency proceedings and bidders
JAL, the flagship company of the Jaypee Group, was admitted into the Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT), Allahabad Bench, on 3 June 2024 after defaulting on loan repayments.
A total of 25 companies have expressed interest in acquiring JAL. The list of prospective resolution applicants includes prominent names such as Adani Enterprises, Vedanta, and Patanjali Ayurveda.
Other applicants include Dalmia Cement (Bharat) Ltd, Torrent Power Ltd, GMR Business & Consultancy LLP, Jaypee Infratech, Jindal Power Ltd, Jindal India Power, Kotak Alternate Asset Managers Ltd, Oberoi Realty, and PNC Infratech.
Additional bidders are Authum Investment & Infrastructure; Consortium of Winro Commercial (India) and Parakh Advisors; Dickey Asset Management; India Opportunities XII Investments; J C Flowers Asset Reconstruction; Jaithari Thermal Power; Jakson Ltd; Oriental Structural Engineers; Paschim Sagar Properties; Rashmi Metaliks; Sherisha Technologies; Sigma Corporation (India) Ltd; and Winchain Infrastructures.
Jaypee insolvency timeline
Founded in 1979 by Jaiprakash Gaur, Jaiprakash Associates Limited operates across construction, power, real estate, hospitality, and infrastructure. Its subsidiary, Jaypee Infratech Limited (JIL), developed the Yamuna Expressway and was active in real estate in the National Capital Region before entering CIRP in August 2017 due to loan defaults.
After prolonged legal proceedings and a monitoring committee's oversight, the Mumbai-based Suraksha Group emerged as the successful resolution applicant. The National Company Law Appellate Tribunal (NCLAT) approved Suraksha's plan on 24 May 2024.
In early June 2024, Suraksha took control of JIL, appointed a three-member board, and injected ₹125 crore in equity to revive stalled housing projects. By August 2024, it had invested an additional ₹250 crore and secured a ₹3,000 crore loan to continue work on approximately 20,000 incomplete flats.
Suraksha Group's subsidiary now manages JIL under the approved plan, while JAL continues its broader restructuring process.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

The most expensive teapot in the world costs $3 million, but does not even serve tea! Read on to know all about THIS luxury piece
The most expensive teapot in the world costs $3 million, but does not even serve tea! Read on to know all about THIS luxury piece

Time of India

time33 minutes ago

  • Time of India

The most expensive teapot in the world costs $3 million, but does not even serve tea! Read on to know all about THIS luxury piece

Egoist the teapot(Photo: Guinness World Records) Can a mere teapot be more valuable than most luxury cars, yet it never brews a cup of tea for a guest? Made with obsessive attention to detail, this solitaire studded artifact bridges centuries of craftsmanship, goodwill, and cultural homage and holds the title of the most expensive teapot in the world. In 2016, Guinness World Records declared 'The Egoist' as the world's most valuable teapot, with a staggering valuation of up to $3 million. It was commissioned by the N. Sethia Foundation, a UK-based charitable organization founded by British‑Indian philanthropist Nirmal Sethia, and sponsored by his luxury tea company Newby Teas, the teapot was created as an homage to the world's finest teas. Who made this teapot This unique masterpiece was made by Milanese jeweller Fulvio Scavia. Its base is made up of 18‑carat yellow gold and sections of gold-plated genuine silver, giving it a rich and regal foundation, according to the official website of Guiness World Record. The exterior is lavishly adorned with 1,658 brilliant-cut diamonds and 386 rubies, which have been taken from Thailand and Burma, resulting into a bright, dazzling display. At its heart sits a 6.67‑carat Thai ruby, emphasizing the teapot's luxurious aesthetic. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Could This NEW Collagen Blend Finally Reduce Your Cellulite? Vitauthority Learn More Undo Egoist the teapot(Photo: Guinness World Records) The handle is made up of Ivory Interestingly, the teapot's handle is made from moulded fossilised mammoth ivory, a prehistoric material that needs to be handled with extra delicacy and precision, as noted by Guinness World Records itself. Sure! Here's a rephrased version of the passage in a simple, easy-to-understand tone while keeping all the key information and quotes intact, Nirmal Sethia build the collection in memory of his wife. According to the Chitra Collection's official website, 'The Chitra Collection is an extraordinary private museum of historic teawares.' Back in 2011, Nirmal Sethia, Chairman of the luxury tea company Newby Teas, began building what he hoped would become the world's greatest collection of tea-related items. His goal was to preserve and celebrate the rich cultural history of tea. Named in memory of his late wife, Chitra, the collection now includes nearly 2,000 items and is considered one of the most complete and finest collections of its kind. The teaware on display comes from Europe, Asia, and the Americas, covering more than 1,000 years of tea history. Tea has been an important aspect in history Egoist the teapot(Photo: Guinness World Records) The website further explains that, 'For centuries, tea played a central role in culture and society as a medicinal and revitalising drink, a focus for hospitality and familial domesticity, and as a symbol of national identity.' It adds that tea has also had a deep impact on history, 'Tea was also politically and economically significant as a source of profit, a tool of empire and as a trigger for revolution, war and slavery. Today, tea is the most ubiquitous of beverages and occupies an important place in the heart of Britain's life and psyche.' All the unique and beautifully crafted teawares in the Chitra Collection highlight how deeply tea has influenced art, culture, and daily life over the past thousand years. Although the collection is currently kept privately in London, there are discussions about eventually opening it to the public for exhibition.

Nayara trying to get UCO Bank to bypass EU Sanctions against Russian Petro Transactions
Nayara trying to get UCO Bank to bypass EU Sanctions against Russian Petro Transactions

United News of India

timean hour ago

  • United News of India

Nayara trying to get UCO Bank to bypass EU Sanctions against Russian Petro Transactions

Mumbai, Aug 16 (UNI) Mumbai-headquartered crude petroleum refiner Nayara Energy Ltd, which is part-owned by Russian energy company Rosneft PJSC, is in talks with union finance ministry officials to process payments for Russian crude oil imports, bypassing sanctions by the European Union (EU), according to market sources. Nayara executives are working on a plan to get government-owned UCO Bank to process payments for imported Russian crude, since the bank had facilitated similar oil trades with Iran in 2018, sources said. Nayara Energy Ltd is partly owned by Russian energy giant Rosneft PJSC and it has spoken to union finance ministry officials to get UCO Bank on board. Rosneft PJSC owns a little over 49 per cent of Nayara, while a 49 per cent stake is held by a consortium led by Kesani Enterprises Company and the rest of the shares are held by Indian retail investors. The company would like UCO Bank to finance and wire payments for Russian crude oil imports and help it receive payments for refined fuel products which are exported from India. Nayara has been finding banks reluctant to provide even basic services after the company was sanctioned by the European Union in July and UCO Bank which has very less exposure to global financial markets would be to mitigate the risk of secondary sanctions. Nayara also expects its troubles to increase after President Donald Trump's threat to impose a 25 per cent tariff and additional penalties over India's imports of Russian crude petroleum after Russia attacked Ukraine in 2022, which allowed Indian refiners to benefit from discounted Russian crude. Nayara has loaded at least two clean-petroleum product (CPP) cargoes after it was sanctioned by the European Union last month and the company plans to continue its Russian oil imports and refining operations in India. Most foreign banks have stopped dealing with Nayara, forcing the company to deal through Indian banks, after western sanctions were imposed on Russia and Rosneft, which owns about 49 per cent of Nayara. While refiners are cautious about sanctions, India and Russia had set up alternatives to western insurance, finance and maritime services in order to conduct their trade in the recent past. Indian refiners buy Russian crude on a delivered basis with insurance comprising cargo insurance, Protection and Indemnity insurance, besides hull and machinery insurance, arranged by Russian entities. India also accepts Russian insurance. Earlier, India had devised a mechanism to settle trade with foreign nations in rupee terms through vostro accounts of foreign banks in India. Russia's Gazprombank had opened a special vostro account with UCO Bank and Russian entities like VTB Bank and SberBank had opened accounts with their own India-based branch offices in the past. The RBI had also introduced a mechanism for international trade settlements in rupees. UNI XC BM

FinMin to meet CEOs of state-owned banks to review Q1 performance on Aug 20
FinMin to meet CEOs of state-owned banks to review Q1 performance on Aug 20

Business Standard

time2 hours ago

  • Business Standard

FinMin to meet CEOs of state-owned banks to review Q1 performance on Aug 20

The review meeting on August 20 with public sector banks to assess the performance of the first quarter of 2025-26, according to sources Press Trust of India New Delhi The finance ministry has called a meeting of heads of public sector banks (PSBs) on Wednesday to review the first-quarter financial performance. The meeting is scheduled to be chaired by Financial Services Secretary M Nagaraju. The review meeting on August 20 with public sector banks to assess the performance of the first quarter of 2025-26, according to sources. Led by State Bank of India (SBI), public sector banks, cumulatively, logged a record profit of Rs 44,218 crore in the first quarter of the current fiscal, with an 11 per cent year-on-year growth. All 12 public sector banks together made a profit of Rs 39,974 crore in the June quarter of FY25. The increase in profit in absolute terms was Rs 4,244 crore. Market leader SBI alone contributed 43 per cent to the total earnings of Rs 44,218 crore, as per the published numbers on stock exchanges. SBI logged a net profit of Rs 19,160 crore in Q1 FY26, 12 per cent higher than the same period of the previous fiscal. In terms of size and profits, the biggest lender in the nation still controls the public banking market. In percentage terms, Chennai-based Indian Overseas Bank reported the highest net profit growth of 76 per cent to Rs 1,111 crore, followed by Punjab & Sind Bank with a 48 per cent rise to Rs 269 crore. During the quarter, all 12 public sector banks (PSBs) except Punjab National Bank (PNB) reported a decline in profit. PNB reported a 48 per cent fall in net profit to Rs 1,675 crore against Rs 3,252 crore in the year-ago period. Central Bank of India recorded 32.8 per cent growth in the June quarter net profit to Rs 1,169 crore, Indian Bank posted 23.7 per cent rise to Rs 2,973 crore, and Bank of Maharashtra logged 23.2 per cent improvement to Rs 1,593 crore.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store