Jaypee Associates

Mining giant Vedanta Group on Friday questioned the evaluation metrics adopted by lenders of Jaiprakash Associates Ltd (JAL), which had selected the lower bid of Rs 3,400 crore from Adani Enterprises for the debt-ridden company. During proceedings of the insolvency appellate tribunal National Company Law Appellate Tribunal (NCLAT), the counsel representing Vedanta Ltd said the "valuation in the process has been used to wipe out commercial wisdom" by the committee of creditors (CoC). Pointing towards the evaluation matrix used by the CoC, senior advocate Abhijeet Sinha asked whether it was used "to achieve value maximisation or is it being used for some other purpose". He submitted that the evaluation matrix, RFRP (request for resolution plan) and process note relied upon by the CoC are merely guiding tools and cannot override the core objective of the insolvency framework, which is maximisation of value. Contending that Vedanta's bid was Rs 3,400 crore higher in gross value and Rs

In a petition contesting the lenders' choice to approve Adani's bid, Vedanta argued that its updated proposal offered nearly ₹3,400 crore more in overall value

Lenders have asked Vedanta, Adani and other suitors for Jaiprakash Associates to submit revised bids and prove funding strength amid debt and asset viability concerns

The bid, with a net present value (NPV) of ₹12,505 crore, is the highest recovery plan placed so far for the debt-laden company, the people said

The National Company Law Appellate Tribunal confirms insolvency proceedings against Jaypee Cement Corporation Ltd, rejecting appeal and reinforcing earlier tribunal ruling on debt defaults

NARCL has made an offer of Rs 12,000 crore to acquire the debt of 25 lenders on a 15:85 cash-to-security receipts basis

SBI-led lenders are pursuing RBI clearance to shift real estate firm's Rs 18,000 crore debt to NARCL in a Rs 10,000 crore deal

Appellate tribunal reserves order on extending CIRP time of JIL, likely to pronounce order on July 29.

The apex court had earlier directed JAL to deposit Rs 20 billion with the apex court Registry. So far, the real estate firm has deposited Rs 7.50 billion

Company counsel Anupam Lal Das aid that the Jaypee Associates will be depositing Rs 400 crore every month starting with January 2018

Jaiprakash Associates had a consolidated debt of Rs 58,250 crore as of March 31

The company reported a loss of Rs 3,240 crore on revenues of Rs 8,794 crore - thanks to the slowdown in the infrastructure sector