The best business groups such as JSW, Dalmia Bharat, Jindal Power, Vedanta, GMR, Welspun and Torrent would have submitted expressions of interest (EOIS) for Jaiprakash Associates LTD (JAL). The Adani group should also submit an EOI before the final deadline of March 25.
According to a report by The Economic Times, another large industrial house based in Delhi should submit an EOI, as is the alternative active assets of Kotak. EOIs are the first step in the tender process for a new owner for JAL.
This occurs while Jal should go under the hammer in an insolvency procedure in the court. A national bench of the Court of Company Law (NCLT) asked the professional of the resolution supported by Deloitte of the company, Bhuvan Madan, to invite resolution plans.
The plans would also take into account the assets of the company which could be worth more than $ 2 billion or 17,300 beliefs, reported the Daily Financial Daily. The previous plan was to invite the interest of individual assets.
The Buddh International Circuit in the Grand Noida, known to have welcomed Formula 1, a plot of land of 2,500 acres in the Novida cement authority, cement factories with an annual capacity of 10 million tonnes, five hotels, etc., are some of the company’s workers.
The company was admitted for an insolvency procedure in the NCLT on a advocacy from the ICICI bank last year. The court had judged that Jal had been lacking on the loans obtained from the creditors.
The lenders of JAL which included the ICICI Bank, the State Bank of India, the National Bank of Punjab, the IDBI bank and 21 others allocated their loans, in particular the director, the interest and the penalties over several years, or about 48,000 comprehensive comprehensive comprehensive Reconstruction Co Ltd (NARCL) on March 12.
