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real estate | IST

Jaypee Infratech lenders appoint advisors to conduct valuation exercise

Jaypee Infra appointed RBSA Advisors and GAA Advisory LLP to conduct a valuation exercise for the company

Lenders of Jaypee Infratech Ltd (JIL) on Tuesday appointed RBSA Advisors and GAA Advisory LLP to conduct a valuation exercise for the company, said a source familiar with the matter, adding that in the last round, the company had been valued at approximately Rs 8,000 crores.
Earlier, CNBC-TV18 had reported that the re-constituted committee of creditors (CoC) for Jaypee Infratech, with representation from homebuyers, met to evaluate potential bidders.
The lenders took on record all five expression of interest (EOIs) that have been submitted for JIL, but could not finalise the evaluation matrix for the selection of potential resolution applicants yet, the source privy to the matter told CNBC-TV18. "Final bids for the company are likely to be placed by mid-January," the source added.
L&T Infra, which has submitted a conditional bid, may not find favour if the other bids are strong, said a banker who is part of the CoC.
Jaypee Infratech in an exchange release earlier had said that NBCC, Kotak Investment, L&T Infrastructure, Singapore-based Cube Highways, and Suraksha ARC-Lakshdeep have submitted EoI for taking over the company.
L&T Infrastructure is interested in the 165-km Yamuna Expressway and not for the development of land parcels attached to the expressway belonging to Jaypee Infratech.
This is the second attempt towards insolvency resolution for the debt-ridden firm, which is facing bankruptcy proceedings in the National Company Law Tribunal (NCLT). In the first round, Suraksha Lakshadweep's bid of close to Rs 7,000 crores could not get the adequate votes from the CoC and was therefore rejected.
Subsequently, the Supreme Court had ordered the lenders to invite fresh bids to revive Jaypee Infra, and complete its housing projects in Noida and Greater Noida.
On August 10, 2017, the NCLT had admitted IDBI Bank’s plea to initiate insolvency proceedings against the debt-ridden company for defaulting on Rs 526-crore loan. Jaypee Infratech has a debt of over Rs 9,800 crores to an IDBI Bank-led consortium.