Once bitten, JSW wants formal nod from banks to takeover Jaypee Infra

JSW lost out in race of Binani Cement despite highest offer

JSW Group, which has emerged as the highest bidder for Jaypee Infratech’s real estate assets, is waiting for a formal communication from the banks as it lost out in the race for stressed assets even after emerging as the highest bidder in other companies. The JSW group company, JSW Cement was pipped by Birla owned Ultratech after JSW emerged as the highest bidder in the first round of bidding for Binani Cement but the resolution professionals called for second round of bids.

“Everything is ad hoc and there is too much of confusion regarding the interpretation of the Insolvency and