Latest news with #JaypeeInfratech
Time of India
05-07-2025
- Business
- Time of India
Lenders reject Jaypee Infratech's request to accept its bid to acquire bankrupt firm
NEW DELHI: Lenders of Jaiprakash Associates Ltd (JAL) have turned down Jaypee Infratech 's request to accept its resolution plan to acquire the bankrupt diversified company. Five companies -- Adani Enterprises , Vedanta Group , Dalmia Bharat Cement , Jindal Power and PNC Infratech -- have submitted their resolution plans to acquire JAL. However, lenders of JAL, on June 25, had rejected the resolution plan of Suraksha Group-owned Jaypee Infratech Ltd as the bid was submitted late and without earnest money. According to sources, Jaypee Infratech requested the Committee of Creditors (CoC) of JAL to reconsider the decision to reject its bid. It sought permission to participate in the insolvency process. In a meeting on July 1, the members of the CoC unanimously agreed not to change its earlier decision to reject Jaypee Infratech's resolution plan, they added. In the meeting, the resolution professional also presented a brief summary of the five resolution plans, according to sources. A detailed summary of all five resolution plans would be prepared, based on which the highest bidder will be determined, they added. Some of the bids are conditional and linked to the outcome of the pending legal cases, they said. JAL, which has business interests spanning real estate, cement manufacturing, hospitality, and engineering & construction, was admitted into the Corporate Insolvency Resolution Process (CIRP) through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024. JAL was taken to insolvency proceedings after the conglomerate defaulted on the payment of loans. Creditors are claiming a staggering Rs 57,185 crore. The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India (SBI). JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport. It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are non-operational. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd and several other companies. Jaypee Group's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency process. Suraksha Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida.
Time of India
05-07-2025
- Business
- Time of India
JAL insolvency: Lenders reject Jaypee Infratech's request to accept its bid to acquire bankrupt firm
Lenders of Jaiprakash Associates Ltd (JAL) have turned down Jaypee Infratech 's request to accept its resolution plan to acquire the bankrupt diversified company. Five companies -- Adani Enterprises , Vedanta Group, Dalmia Bharat Cement, Jindal Power and PNC Infratech -- have submitted their resolution plans to acquire JAL. However, lenders of JAL, on June 25, had rejected the resolution plan of Suraksha Group-owned Jaypee Infratech Ltd as the bid was submitted late and without earnest money. According to sources, Jaypee Infratech requested the Committee of Creditors (CoC) of JAL to reconsider the decision to reject its bid. It sought permission to participate in the insolvency process. In a meeting on July 1, the members of the CoC unanimously agreed not to change its earlier decision to reject Jaypee Infratech's resolution plan, they added. Live Events In the meeting, the resolution professional also presented a brief summary of the five resolution plans, according to sources. A detailed summary of all five resolution plans would be prepared, based on which the highest bidder will be determined, they added. Some of the bids are conditional and linked to the outcome of the pending legal cases, they said. JAL, which has business interests spanning real estate, cement manufacturing, hospitality, and engineering & construction, was admitted into the Corporate Insolvency Resolution Process (CIRP) through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024. JAL was taken to insolvency proceedings after the conglomerate defaulted on the payment of loans. Creditors are claiming a staggering Rs 57,185 crore. The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India (SBI). JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport. It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are non-operational. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd and several other companies. Jaypee Group's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency process. Suraksha Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida. Economic Times WhatsApp channel )
India.com
25-06-2025
- Business
- India.com
Gautam Adani, Anil Agarwal's Vedanta in race to buy…, but Ramdev Baba's Patanjali distanced itself from…
Billionaire Gautam Adani's Group, mining magnate Anil Agarwal's Vedanta, and Dalmia Bharat Cement have submitted resolution plans to acquire Jaiprakash Associates through the insolvency process, according to a PTI report. The sources further revealed that Mumbai-based Suraksha Group, which previously acquired Jaypee Infratech, has also placed a bid. Meanwhile, Baba Ramdev-led Patanjali Ayurved, despite expressing initial interest, has not submitted a resolution plan. Earlier this month, lenders of JAL extended the deadline for submission of resolution plans to June 24 on request of prospective bidders. JAL — which has business interests spanning real estate, cement manufacturing, hospitality, and engineering & construction — was admitted into the Corporate Insolvency Resolution Process (CIRP) through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024. According to sources, Adani group firm Adani Enterprises, Vedanta, Jaypee Infratech and Dalmia Bharat Cement have submitted their resolution plans for JAL. Other companies, which submitted EOIs in April, included Torrent Power, GMR Business & Consultancy LLP, Jindal India Power, Jindal Power Ltd, Kotak Alternate Asset Managers Ltd, PNC Infratech, and Oberoi Realty. 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 also showed initial interest. JAL was taken to insolvency proceedings after the conglomerate defaulted on payment of loans. Creditors are claiming a total of a staggering Rs 57,185 crore. The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India (SBI). JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and Jaypee International Sports City, strategically located near the upcoming Jewar International Airport. It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are non-operational. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd and several other companies. Jaypee Group's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency process. Suraksha Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida. (With Inputs From PTI)
Time of India
25-06-2025
- Business
- Time of India
Adani Group, Vedanta, others submit resolution plans to acquire Jaiprakash Associates
NEW DELHI: Billionaire Gautam Adani's Group, mining mogul Anil Agarwal's Vedanta , and Dalmia Bharat Cement have submitted their resolution plans to acquire Jaiprakash Associates through an insolvency process, according to sources. Jaypee Infratech, which has been acquired by Mumbai-based Suraksha Group , has also submitted the bid, they added. Baba Ramdev-led Patanjali Ayurved, however, has not submitted the resolution plan after showing initial interest, sources said. In April, as many as 25 companies showed interest in acquiring Jaiprakash Associates Ltd (JAL). Earlier this month, lenders of JAL extended the deadline for submission of resolution plans to June 24 on request of prospective bidders. JAL -- which has business interests spanning real estate, cement manufacturing, hospitality, and engineering & construction -- was admitted into the Corporate Insolvency Resolution Process (CIRP) through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024. According to sources, Adani group firm Adani Enterprises, Vedanta, Jaypee Infratech and Dalmia Bharat Cement have submitted their resolution plans for JAL. The spokespersons of these entities declined to comment. Other companies, which submitted EOIs in April, included Torrent Power, GMR Business & Consultancy LLP, Jindal India Power, Jindal Power Ltd, Kotak Alternate Asset Managers Ltd, PNC Infratech, and Oberoi Realty. 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 also showed initial interest. JAL was taken to insolvency proceedings after the conglomerate defaulted on payment of loans. Creditors are claiming a total of a staggering Rs 57,185 crore. The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India (SBI). JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and Jaypee International Sports City, strategically located near the upcoming Jewar International Airport. It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are non-operational. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd and several other companies. Jaypee Group's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency process. Suraksha Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida.
Time of India
23-05-2025
- Business
- Time of India
ED raids against Jaypee Infratech, others in ₹12,000 crore fraud case
NEW DELHI: The Enforcement Directorate on Friday conducted multiple searches as part of a money laundering probe against Jaypee Infratech , Jaiprakash Associates and some others in a Rs 12,000 crore worth homebuyers "fraud" case, official sources said. The raids are being carried out in Delhi-NCR and Mumbai under the provisions of the Prevention of Money Laundering Act ( PMLA ), they said. The searches are related to Jaypee Infratech, Jaiprakash Associates Limited and others for alleged fraud with homebuyers and investors of around Rs 12,000 crore and linked "diversion" of funds, the sources said. Jaiprakash Associates Ltd, currently facing insolvency proceedings, is into cement, construction, real estate, power and hospitality business among others. Some other real estate companies like Gaursons, Gulshan, Mahagun and Suraksha Realty were also being covered as part of this case, the sources said. Suraksha Realty has acquired Jaypee Infratech Ltd through insolvency to complete stalled housing projects in NCR comprising around 20,000 flats. Some documents and computer devices have been recovered from the searched locations, they said. There was no immediate response from the companies concerned.
