New Delhi: Crisis-hit Jaiprakash Associates has again submitted a proposal to the lenders of its subsidiary Jaypee Infratech for settling dues worth Rs 10,000 crore, amid bids for taking over the realty firm under the insolvency process. This is the second time in less than a year that Jaiprakash Associates (JAL) has sought to retain control of the cash-strapped subsidiary. The latest offer also comes close on the heels of the state-owned NBCC and realty firm Suraksha group putting in bids for Jaypee Infratech.
The realty firm has an outstanding debt of nearly Rs 9,800 crore, of which Rs 4,334 crore pertains to IDBI Bank. “The promoter JAL also submitted a settlement proposal under Section 12A of the Insolvency and Bankruptcy Code(IBC), 2016, for consideration of the Committee of Creditors,” Jaypee Infratech said. However, it did not disclose the details of the settlement proposal. This section provides for withdrawal of bankruptcy application, subject to certain conditions.
In April last year, JAL had made an unsolicited offer of about Rs 10,000 crore to settle the dues . Meanwhile, the lenders of Jaypee Infratech, in a meeting on Monday, decided to negotiate with NBCC and Suraksha group. Both made presentations before the Committee of Creditors (CoC). Jaypee Group promoters were invited to the meeting.