New Delhi: State-owned NBCC, Kotak Investment, Singapore-based Cube Highways and Suraksha group have been shortlisted as bidders for debt-laden Jaypee Infratech, according to a regulatory filing.
Jaypee Infratech is undergoing insolvency proceedings in the NCLT.
L&T Infrastructure, which was among the five companies that had submitted expression of interest (EOI), was however excluded from the final list, as per the regulatory filing by Jaypee Infratech.
Sources had earlier said that L&T would not be considered for the bidding process as the infrastructure major was only interested in acquiring the 165-km long Yamuna Expressway that connects Delhi-Noida to Agra.
Jaypee Infratech's interim resolution professional (IRP) Anuj Jain said in the filing that the final list of companies for participating in the Corporate Insolvency Resolution Process of Jaypee Infratech Ltd has been prepared as per the Insolvency and Bankruptcy Code (IBC) regulations.
Jain had in October started a fresh initiative to revive Jaypee Infratech on the National Company Law Tribunal's (NCLT) direction after lenders rejected an over Rs 7,000 crore bid of Suraksha group.
He had invited EoIs from companies to submit resolution plan to revive Jaypee Infratech Ltd (JIL), which has many stuck housing projects in Noida and Greater Noida.
Last year, the NCLT had admitted the application by an IDBI Bank-led consortium, seeking resolution for Jaypee Infratech under the IBC.
The tribunal had appointed Jain as IRP to mange the company's business, who later invited bids from investors interested in acquiring Jaypee Infratech and completing the stuck real estate projects in Noida and Greater Noida.
Consequently, Lakshdeep had emerged as a frontrunner to acquire JIL. However, in May this year, lenders of Jaypee Infratech rejected the Rs 7,350 crore bid by Lakshdeep as they found it inadequate.
The realty firm has an outstanding debt of nearly Rs 9,800 crore, of which Rs 4,334 crore pertains to IDBI. Other lenders are IIFCL, LIC, SBI, Corporation Bank, Syndicate Bank, Bank Of Maharashtra, ICICI Bank, Union Bank, IFCI, J&K Bank, Axis Bank and Srei Equipment Finance.
Jaypee Infratech, a subsidiary of Jaypee Group's flagship firm Jaiprakash Associates, is developing about 32,000 flats, of which it has delivered 9,500 units.
Jaiprakash Associates had submitted Rs 750 crore in the registry of the Supreme Court for refund to buyers.
However, this amount has now been transferred to NCLT as per the order of the apex court that has now directed starting a fresh bidding process.