Tag: Jaiprakash Associates Ltd

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Uncertainty over strategy of JPVL lenders clouds Jaypee Associates’ debt resolution

Uncertainty around the future strategy of lenders to Jaiprakash Power Ventures Ltd (JPVL) could prove a hurdle in the corporate debt resolution of Jaiprakash Associates Ltd (JAL), the holding company of the Jaypee Group, people familiar with the matter said. JPVL – a listed associate of JAL with a market capitalisation of over ₹12,000 crore – is the most valuable asset in JAL’s portfolio that also includes real estate, cement and fertiliser plants. As part of a debt restructuring, JPVL issued compulsory convertible preference shares (CCPS) worth ₹3,800 crore to its lenders in 2019. Upon their conversion into shares, the…

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Jaiprakash Associates creditors extend bid deadline by 15 days

Creditors to Manoj Gaur-promoted Jaiprakash Associates Ltd (JAL), led by National Asset Reconstruction Co Ltd (NARCL), have decided to extend the timeline for submission of bids by another 15 days from June 9. The decision was taken at the meeting of the committee of creditors (CoC) over the weekend after requests from some bidders for more time to submit their bids. “Some bidders requested for more time and NARCL, which is the largest creditor, has agreed. This will be conveyed to all stakeholders on Monday,” said a person familiar with the process, who did not wish to be identified. NARCL…

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Uttar Pradesh set to sign fresh lease with third-party developers for 13 Sports City projects

NOIDA: Yamuna Expressway Industrial Development Authority (YEIDA) is set to execute fresh lease deeds with third-party developers of 13 Sports City projects, following an Allahabad High Court decision allowing it to cancel the allotment of 1,000 hectares to Jaiprakash Associates Ltd in March this year. Officials said these 13 projects involved 13,132 buyers across sectors 25 and 19. According to them, executing the fresh deeds had become mandatory following the HC’s decision, which nullified every reference to JAL in previous agreements. Apart from these lease deeds, a new tripartite agreement will be signed between the developers, homebuyers and YEIDA. While…