JAL INSOLVENCY RESOLUTION
NARCL ups offer for Jaiprakash Associates debt to Rs 12,000 crore
NARCL has increased its bid to acquire the debt of Jaiprakash Associates to ?12,000 crore. The revised offer comes as the company's appeal against insolvency proceedings is pending. The offer involves an upfront cash payment and security receipts guaranteed by the government. Lenders are currently evaluating the offer as a potential resolution to the long-delayed insolvency case.
NCLAT reserves order in Jaiprakash Associates' appeal
The National Company Law Appellate Tribunal (NCLAT) has reserved its order on Jaiprakash Associates Ltd's (JAL) appeal against the National Company Law Tribunal's (NCLT) order to admit the company into insolvency. JAL argues its debt was restructured, making the default date cited by ICICI Bank invalid.
NCLAT closes insolvency proceedings against JHL as Max Healthcare settles creditor's claims
The National Company Law Appellate Tribunal (NCLAT) has ended insolvency proceedings against Jaypee Healthcare, as financial creditors' dues were settled by Max Healthcare with a Rs 1,035.29 crore payment. The CIRP was initiated by NCLT following a petition by JC Flowers Asset Reconstruction Ltd.
Jaiprakash Associates lenders appoint Deloitte to support resolution professional
Deloitte has been selected to manage the resolution process for Jaiprakash Associates amid its insolvency case involving claims over Rs 51,509 crore. The company¡¯s major creditors¡ªSBI, ICICI Bank, and IDBI Bank¡ªhold nearly 60% of its debt. Jaiprakash Associates' diverse assets include cement plants, real estate in YEIDA, hotels in multiple cities, and India's only Formula One track.
Lenders bank on SC and RBI¡¯s direction to justify JAL¡¯s admission into insolvency
The Supreme Court and RBI mandated the insolvency process for Jaiprakash Associates Limited (JAL) due to notable debt defaults. ICICI Bank emphasized the protection of public funds, presenting JAL's dues of Rs 1269 crore. The National Company Law Tribunal, Allahabad admitted the insolvency case, dismissing JAL's repayment claim.
SBI-led banks key to IBC case against Jaiprakash Associates
Updated claims as of end July show that financial creditors including homebuyers are owed a total of Rs 51,510 crore led by SBI which with close to Rs 15,500 crore is the largest creditor with 30% of the debt followed by ICICI Bank with 18% and IDBI Bank with 11%. All three together hold close to 60% of the debt and adding LIC's 6%, make the 66% vote needed to approve a resolution.
JAL seeks interim relief from NCLAT
The Allahabad bench of the National Company Law Tribunal (NCLT) in June ordered initiation of corporate insolvency resolution process (CIRP) against JAL, on a complaint by ICICI Bank that accused the construction and infrastructure company of defaulting on payment of Rs 1,269 crore.
Jaypee Group taps global credit funds for Rs 10k crore to bail out flagship firm
Facing financial distress, Jaypee Group is seeking ?10,000 crore in high-cost financing from global credit funds such as Varde Partners, Ares, Cerberus, and Hillhouse to rescue its flagship company, Jaiprakash Associates Limited (JAL), from insolvency. JAL was admitted for insolvency on June 3 by the NCLT following a petition by ICICI Bank. Key issues include disputes with land authorities and principal repayments due in 2037. The company plans to refinance loans and sell assets, including real estate, cement plants, and a Formula One racetrack.
Jaiprakash Associates Insolvency: NCLAT asks ICICI to consider one-time settlement proposal
NCLAT issues notice to ICICI Bank over Jaiprakash Associates Ltd's one-time settlement proposal, opposed by creditors. JAL aims to pay debt of over Rs 26,000 crore within 18 weeks if OTS is accepted.
Suspended board of Jaiprakash Associates moves NCLAT, challenges insolvency proceedings
Jaiprakash Associates' suspended board challenged NCLT's order for insolvency proceedings, with the matter listed before NCLAT. NCLT admitted ICICI Bank's plea on June 3, appointing Bhuvan Madan as Interim Resolution Professional. Despite JAL's claims of liquidity crunch and asset-rich status, NCLT upheld the insolvency decision. The tribunal also dismissed JAL's objections regarding debt restructuring and asset transfers.
NCLT rejects JAL's claim of liquidity crunch due to delay in govt approvals, litigations
JAL has submitted that it is an "asset rich company", even after sale of cement plants to resolve the loans under Bucket 1 and Bucket 2A, assets like Real Estate Business - Noida and Greater Noida (about 11,000 flats) will remain with the company. Besides, it had other assets such as two 5 Five Star Hotels/Resort in Delhi, and one in Agra, two Golf Courses in Noida and Greater Noida, a Formula One Sports Complex and Cricket Stadium with Real Estate.
Insolvency proceedings ordered against Jaiprakash Associates; these Jaypee homebuyers won't be impacted
Jaypee home buyers: Jaiprakash Associates Ltd (JAL) is currently in the process of insolvency proceedings, and an appointed resolution professional by the NCLT will now assume control. As per a news report from the Times of India, the board, previously led by the Gaurs, will cease to function.
Bankruptcy court admits ICICI Bank's insolvency resolution plea against Jaiprakash Associates
Admission affects deal with Dalmia Bharat Group for Rs 5,666 crore. Case represented at NCLT.
Lenders seek RBI clearance to sell Jaiprakash Associates loan to NARCL
SBI-led lenders seek RBI approval to transfer JAL's ?18,000 crore debt to NARCL for a ?10,000 crore acquisition, impacting IBC processes and NCLT resolutions. Dalmia Cement offers ?5,666 crore for JAL's units amid ongoing litigations.
Jaiprakash Associates defaults on Rs 4,258 crore loans
Jaiprakash Associates Ltd (JAL), the flagship company of the crisis-hit Jaypee Group, has disclosed a default on loans amounting to Rs 4,258 crore, including both principal and interest, in a regulatory filing.
Jaiprakash Associates defaults on Rs 3,961-crore loans on May 31
The loans pertained to various banks, and the nature of the obligation is fund-based working capital, non-fund-based working capital, term loans and FCCB (foreign currency convertible bonds).
Jaypee case: YEIDA plans to challenge NCLT decision to reject its claims
An official of YEIDA, who did not want to be quoted, said, "we will appeal within stipulated time frame." Section 61(2) of the Insolvency & Bankruptcy Code stipulates that an appeal against NCLT order must be filed within 30 days before NCLAT. Though NCLAT may allow appeal after the expiry of 30 days, if it is satisfied that there was sufficient cause for not filing within the time frame.
Jaypee Infra insolvency: Suraksha Group to infuse Rs 250 crore, arrange Rs 3,000 crore loan to complete 20,000 flats
On March 7, National Company Law Tribunal (NCLT), Principal Bench New Delhi approved the resolution plan of Suraksha Realty Ltd and Lakshdeep Investments and Finance Pvt Ltd to takeover JIL. A monitoring committee will be set up by Interim Resolution Professional (IRP) in seven days, and it will take all necessary steps for expeditious implementation of the resolution plan.
Jaiprakash Associates defaults on Rs 4,059 crore loans
The loans pertained to various banks and the nature of obligation is fund based working capital, non fund based working capital, term loans and FCCB (foreign currency convertible bonds). In September 2018, ICICI Bank filed an insolvency petition against JAL but the matter is still pending before the Allahabad bench of the National Company Law Tribunal (NCLT).
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