{"id":56258,"date":"2019-06-01T21:00:09","date_gmt":"2019-06-01T15:30:09","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=56258"},"modified":"2019-06-01T21:00:09","modified_gmt":"2019-06-01T15:30:09","slug":"adani-group-submits-non-binding-bid-for-jaypee-infratech","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/adani-group-submits-non-binding-bid-for-jaypee-infratech","title":{"rendered":"Adani Group Submits Non-Binding Bid For Jaypee Infratech"},"content":{"rendered":"<p><strong>New Delhi :<\/strong> Business conglomerate Adani Group has made an unsolicited and non-binding bid to acquire Jaypee Infratech Ltd. and is ready to infuse up to Rs 1,700 crore to expedite the construction of stuck housing projects of the debt-laden realty firm and deliver flats to home buyers, sources said.<\/p>\n<p>Adani has promised to infuse another Rs 1,000 crore in two equal tranches of Rs 500 crore each to settle claims of workmen as well as secured and unsecured financial creditors, besides meeting cost for insolvency proceedings.<\/p>\n<p>It will also transfer 1,000 acre land to bankers to swap debt with assets. Adani group had participated in the first round of insolvency process but did not bid in the current round within the fixed timeframe.<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/06\/download-2019-06-01T205908.204.jpg?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"290\" height=\"174\" data-attachment-id=\"56259\" data-permalink=\"https:\/\/www.legalindia.com\/news\/adani-group-submits-non-binding-bid-for-jaypee-infratech\/download-2019-06-01t205908-204\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/06\/download-2019-06-01T205908.204.jpg?fit=290%2C174&amp;ssl=1\" data-orig-size=\"290,174\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"download &amp;#8211; 2019-06-01T205908.204\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/06\/download-2019-06-01T205908.204.jpg?fit=290%2C174&amp;ssl=1\" class=\"alignleft size-full wp-image-56259\" src=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/06\/download-2019-06-01T205908.204.jpg?resize=290%2C174&#038;ssl=1\" alt=\"\" srcset=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/06\/download-2019-06-01T205908.204.jpg?w=290&amp;ssl=1 290w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/06\/download-2019-06-01T205908.204.jpg?resize=150%2C90&amp;ssl=1 150w\" sizes=\"auto, (max-width: 290px) 100vw, 290px\" \/><\/a>However, the group later expressed interest to bid for Jaypee Infratech, the subsidiary of Jaypee group&#8217;s flagship firm Jaiprakash Associates Ltd.<\/p>\n<p>Now, Adani Infrastructure and Developers Pvt. Ltd. has submitted an &#8220;unsolicited&#8221; and &#8220;non-binding&#8221; resolution plan to Jaypee Infratech&#8217;s Interim Resolution Professional Anuj Jain, sources said.<\/p>\n<p>The IRP has called a meeting of the committee of creditors on Thursday for further discussion on the resolution plan submitted by state-owned NBCC (India) Ltd.<\/p>\n<p>The consideration of Adani&#8217;s bid is not on the agenda of the CoC meet, sources said, but added that lenders and homebuyers could decide to take up discussion on the offer during the meeting.<\/p>\n<p>In its bid, Adani group has offered to &#8220;infuse an amount of up to Rs 1,700 crore for the purpose of expediting the construction of the real estate projects of the company and delivery of the possession of the same to the home buyers&#8221;.<\/p>\n<p>On penalty\/interest for possession delay, Adani has offered to pay 25 percent of such amount to buyers, as mutually agreed, in respect of penalties\/ interest payable to home buyers as accrued on Aug. 9, 2017, the date when Jaypee Infratech went bankrupt.<\/p>\n<p>If the Supreme Court and National Company Law Tribunal permit, the amount of Rs 750 crore deposited by Jaiprakash Associates Ltd. for protection of home buyers could also be utilised for payment of balance penalties\/interest, Adani said in its offer.<\/p>\n<p>However, Adani said that its proposals are subject to confirmatory due diligence review by the company. After the due diligence, it will specify timelines for the delivery of possession as well as seek reliefs and waivers.<\/p>\n<p>In August 2017, Jaypee Infratech went into insolvency process after the National Company Law Tribunal admitted an application by an IDBI Bank-led consortium seeking revival of the realty firm.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Delhi : Business conglomerate Adani Group has made an unsolicited and non-binding bid to acquire Jaypee Infratech Ltd. and is ready to infuse up to Rs 1,700 crore to expedite the construction of stuck housing projects of the debt-laden realty firm and deliver flats to home buyers, sources said. Adani has promised to infuse [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":56259,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[43032],"tags":[35833,40365,44653],"class_list":["post-56258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-law-news","tag-adani-group","tag-jaypee-infratech","tag-non-binding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Adani Group Submits Non-Binding Bid For Jaypee Infratech - Legal News India - Supreme Court &amp; High Court Updates<\/title>\n<meta name=\"description\" content=\"New Delhi : Business conglomerate Adani Group has made an unsolicited and non-binding bid to acquire Jaypee Infratech Ltd. and is ready to infuse up to Rs - Get the latest legal news from the Supreme Court, High Courts, and government. 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