Kotak, L&T & NBCC show interest in Jaypee Infratech
City: 

Five companies — NBCC, Kotak Investment, L&T Infrastructure, Singapore-based Cube Highways and Suraksha group — have shown interest in taking over debt-ridden Jaypee Infratech, which is facing bankruptcy proceedings in NCLT.

Jaypee Infratech’s Interim Resolution Professional (IRP) Anuj Jain had in October initiated a fresh initiative to revive Jaypee Infratech on NCLT’s direction after lenders rejected over Rs 7,000 crore bid of Suraksha group.

Jain had invited Expression of Interest (EoI) from companies to submit resolution plan to revive Jaypee Infratech (JIL), which has many stuck housing projects in Noida and Greater Noida.

The IRP has received five EoIs from interested parties, JIL has said.

Out of the five companies, L&T Infrastructure Development Projects is only interested in 165-km Yamuna Expressway and not for the development of land parcels attached to the expressway belonging to JIL.

In a filing to BSE on Tuesday, state-owned NBCC said it has submitted the EoI for submitting resolution plan for JIL and the company has been provisionally shortlisted by IRP of JIL as prospective resolution applicant.

Suraksha Asset Reconstruction has shown interest along with its entities Lakshdeep Investments and Finance and Suraksha Realty.

Last year, the National Company Law Tribunal (NCLT) had admitted the application by an IDBI Bank-led consortium, seeking resolution for JIL under the Insolvency and Bankruptcy Code.

The tribunal had appointed Anuj Jain as IRP to mange the company’s business, who later invited bids from investors interested in acquiring JIL and completing the stuck real estate projects in Noida and Greater Noida.