Adani tells Jaypee Infratech lenders, will finish projects in 4 years
Anuj Jain informed the CoC that Adani Group has been in regular touch with him and is keenly following up on its EoI, said a source
June 28, 2019
Adani Infrastructure and Development (AIDPL) has told Jaypee Infratech’s Committee of Creditors (CoC) that if it is allowed to take over, it will complete the unfinished housing projects in four years. The company threw its hat in the ring to acquire the debt-ridden real estate firm in April. This is the second time Adani Group has shown interest in acquiring the firm.
Could Jaypee issue fresh EoIs?
According to sources, at the last CoC meeting on June 20, the committee had discussed Adani Group subsidiary’s offer and had decided that resolution professional (RP) Anuj Jain would inquire from AIDPL about completion timeline.
At the meeting, IDBI bank representatives had proposed that in case NBCC’s revised bid is not approved by the CoC, the committee should go for a fresh Expression of Interest (EoI) to gauge market interest.
However, whether the CoC issues fresh EoIs or not will depend on the outcome of the July 2 hearing at the National Company Law Appellate Tribunal’s (NCLAT) on the plea filed by the lead banker to JIL, IDBI Bank.
‘Adani has been in regular touch with Jaypee IRP’
Jain informed the CoC that Adani Group has been in regular touch with him and is keenly following up on its EoI, said a source. In its bid, Adani has said that it will require six months for mobilising funds for taking over Jaypee’s assets and the remaining 14 quarters will be required to complete the housing projects, including handing the properties over to homebuyers.