There are hope still alive for Jaypee Infratech Ltd. as NBCC Ltd, Kotak Investment, L&T Infrastructure, Singapore-based Cube Highways, and Suraksha group have shown interest in taking over the debt-ridden company, which is going through bankruptcy proceedings in the National Company Law Tribunal (NCLT).
In an exchange filing, state-owned NBCC said it had submitted the EoI for submitting resolution plan for Jaypee Infratech and the company had been provisionally shortlisted by IRP (Interim Resolution Professional) of Jaypee as a prospective resolution applicant.
Anuj Jain, Jaypee Infratech’s Interim Resolution Professional in October had initiated a fresh initiative to revive Jaypee Infratech on NCLT’s direction after lenders rejected Suraksha Group’s bid worth over Rs 7,000 crore.
The IRP, which had invited expression of interest (EOL) from companies to submit a resolution plan, has till now received five expressions of interest from different parties.
Only L&T Infrastructure, of the five said companies, is interested in the 165-km Yamuna Expressway and not for the development of land parcels attached to the expressway belonging to Jaypee Infratech, as per the Jaypee Infratech statement.
As of now, Jaypee Infratech has an outstanding debt of nearly Rs 9,800 crore, out of which Rs 4,334 crores pertains to IDBI. Other lenders include IIFCL, LIC, SBI, Corporation Bank, Syndicate Bank, Bank Of Maharashtra, ICICI Bank, Union Bank, IFCI, J&K Bank, Axis Bank and Srei Equipment Finance.