Lenders reject Jaypee Infratech’s bid to acquire bankrupt Jaiprakash Associates Ltd (JAL). Five other companies submitted resolution plans. JAL’s assets include real estate, cement, and hospitality.
New Delhi, Jul 5 (PTI) Lenders of Jaiprakash Associates Ltd (JAL) have turned down Jaypee Infratech’s request to accept its resolution plan to acquire the bankrupt diversified company.
Five companies — Adani Enterprises, Vedanta Group, Dalmia Bharat Cement, Jindal Power and PNC Infratech — have submitted their resolution plans to acquire JAL.
However, lenders of JAL, on June 25, had rejected the resolution plan of Suraksha Group-owned Jaypee Infratech Ltd as the bid was submitted late and without earnest money.
According to sources, Jaypee…