Jaypee lenders not keen on possible Adani bid

Jaypee lenders not keen on possible Adani bid
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Lenders of debt-ridden Jaypee Infratech are unlikely to seek any fresh offers, including from Adani Group, till current round of bidding process is complete under the insolvency law, sources said.

New Delhi: Lenders of debt-ridden Jaypee Infratech are unlikely to seek any fresh offers, including from Adani Group, till current round of bidding process is complete under the insolvency law, sources said.

Last week, Adani Group threw its hat in the ring by expressing interest in submitting bid to acquire Jaypee Infratech and deliver over 20,000 housing units to aggrieved homebuyers.

Jaypee Infratech's Interim Resolution Professional (IRP) Anuj Jain informed last week that a meeting of the committee of creditors (CoC) would be held on April 26.

The CoC would discuss the revised bids of NBCC and Suraksha, which have been asked to sweeten their offers. Sources said that under the insolvency law, lenders are barred from entertaining fresh bids for any company till the existing bidding process is complete.

The second round of CIRP under the Insolvency and Bankruptcy Code is underway. Adani Group had submitted its resolution plan in the first round of CIRP, which was not successful.

Last year, in the first round, lenders rejected the highest bid of Rs 7,350 crore submitted by Lakshadweep, part of Suraksha group, as the offer was found to be substantially lower than Jaypee's net worth and assets.

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