Jaypee Infratech widens net loss to Rs 448 crore in Q1FY20
Jaypee Infratech went into insolvency in 2017 after it was taken to the National Company Law Tribunal by a consortium of its lenders led by IDBI Bank
July 27, 2019
Debt-ridden real estate firm Jaypee Infratech widened net loss to Rs 448.09 crore in the June quarter of the current financial year, up from the net loss it posted in the corresponding quarter a year ago — Rs 319.82 crore, the company said in a regulatory filing.
Jaypee Infratech is undergoing IBC proceedings
The debt-ridden company went into insolvency in 2017 after it was taken to the National Company Law Tribunal (NCLT) by a consortium of its lenders led by IDBI Bank. During the first round of insolvency proceedings, lenders had rejected the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group.
A second chance
In October 2018, Interim Resolution Professional (IRP) Anuj Jain started a fresh initiative to resolve the debt of the real estate major on the NCLT’s direction. In the second round of the bidding process, the lenders rejected the bids of Suraksha Realty and state-owned NBCC.