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 Infratech requested the Committee of Creditors (CoC) of JAL to reconsider the decision to reject its bid. It sought permission to participate in the insolvency process.
In a meeting on July 1, the members of the CoC…
