 "Banks eye control of Jaiprakash Associates in debt-for-equity swap: Sources")
Lenders have spared Jaiprakash Associates from insolvency proceedings after clearings its loan recast package.
However, group company Jaypee Infratech is set to be referred to the National Corporate Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC).
Lenders have approved in principle the debt recast for Jaypee group flagship Jaiprakash Associates and will issue a formal clearance on Thursday. The draft recast plan had been circulated among the lending banks, bankers said.
According to the plan, Jaiprakash Associates’ land bank worth Rs 13,000 crore will be transferred to a new special purpose vehicle that will be controlled by the
