Lakshadweep keen to revise Jaypee Infratech bid

Lakshadweep keen to revise Jaypee Infratech bid
17/05/2018 , by , in News/Views

A group led by Lakshadweep Investments & Finance, which was the highest bidder for bankrupt developer Jaypee Infratech, is open to renegotiating its rejected offer, said a person familiar with the development.

The consortium filed an intervening application in an ongoing case in the Supreme Court, seeking to extend the deadline for insolvency proceedings. The top court is hearing petitions of home buyers who haven’t got their apartments and were left stranded after Jaypee Infratech was admitted for bankruptcy protection.

The consortium of Lakshadweep, Suraksha Realty, Kyati Realtors, Virtous Finance, Dosti Realty, Sudhir Valia, Raksha Valia and Venerate Properties bid a total of ₹10,314 crore for Jaypee, the company said in a court filing. In addition, the group had lined up ₹4,000 crore as working capital for the completion of Jaypee’s apartment projects.

Lakshadweep plans to rally support from some home buyers who are opposed to the possible return of Jaiprakash Associates, who was the former promoter of Jaypee Infratech.

Jaiprakash Associates has moved the Supreme Court seeking approval of its resolution plan for Jaypee, proposed outside of the insolvency resolution process.

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