Adani, NBCC among front-runners to acquire Jaypee Infratech
As the debt-ridden Jaypee Infratech (JIL) goes through another round of bidding after the National Company Law Appellate Tribunal (NCLAT) extended its resolution process by another 90 days, Adani Infrastructure and the state-run NBCC seem to be among the front-runners to bid for the company and its projects.
The appellate tribunal in its July 30 order said the bidding process and approval by the committee of creditors (CoC) should be complete within 45 days from the receipt of the order and the rest of the 45 days would be needed for approval by the NCLAT.
Adani Infrastructure, an Adani Group company, has shown interest in bidding for the company and its counsel appealed for acceptance of its bid during the recent NCLAT hearing. The appellate tribunal didn’t consider its request, but said it could again submit its bid as fresh bids would be invited.
In its latest order the two-judge Bench, headed by S.J. Mukhopadhaya, said: “We have given opportunity to all the eligible persons to file ‘expression of interest’/(improved) ‘resolution plan’, individually or jointly, or in concert with any person.”
The Bench, however, barred Jayprakash Associates, the parent company of JIL, from filing any resolution plan.