Jaypee Infratech June-qtr net loss widens to Rs 448 cr

Debt-ridden Jaypee Infratech on Saturday reported a net loss of Rs 448.09 crore for the quarter ended June.

The company's net loss stood at Rs 319.82 crore in the year ago period, the Noida-based realty firm said in a regulator filling.

Total income, however, rose to Rs 669.56 crore during April-June quarter of this fiscal from Rs 432.31 crore in the corresponding period of the previous year.

Jaypee Infratech went into insolvency in 2017 after the NCLT admitted an application by an IDBI Bank-led consortium seeking resolution of the firm.

During the first round of insolvency proceedings, the Rs 7,350 crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders.

In October 2018, Interim Resolution Professional (IRP) Anuj Jain started a fresh initiative to revive Jaypee Infratech on the NCLT's direction.

In the second round, lenders rejected bids of Suraksha Realty and state-owned NBCC through bidding process.

Jaiprakash Associates (JAL), the promoter of Jaypee Infratech, had submitted Rs 750 crore in the registry of the Supreme Court for the refund to home buyers and the amount is lying with the NCLT.