Adani joins race to acquire debt-laden Jaypee Infra

Infrastructure major Adani Group has submitted a bid to acquire Jaipee Infratech under the bankruptcy resolution process, posing a challenge to state-run infrastructure company NBCC, which was the sole bidder for the debt-laden company.

Adani’s offer, however, is said to be unsolicited and non-binding after its financial creditors had earlier rejected Mumbai-based Suraksha Realty’s bid to acquire the company.
State-owned NBCC is already in the race for taking control of Jaypee Infratech. The committee of creditors (CoC) had also, early this month, put to vote a fresh proposal by NBCC.
Reports, however, say bankers were divided over NBCC’s proposal over a few conditions in the resolution plan submitted by the state-run company.
On the bankers’ plea, the National Company Law Appellate Tribunal (NCLAT) had, on May 17, annulled the voting by homebuyers and lenders on NBCC’s bid, and allowed renegotiation on the offer by 30 May.
There are 13 banks and 23,000 homebuyers who have voting rights in the committee.
If it wins the bid, NBCC plans to infuse an equity capital of Rs200 crore and complete the construction of flats by July 2023.
Adani Group had earlier shown interest to be part of the bidding process for Jaypee Infratech, industry sources said.