Top business groups such as JSW, Dalmia Bahrat, Indindal Power, Vedanta, GMR, Wellspoon and Torrent reportedly submitted expressions of interest (EOS) for Jaiprakash Associates Ltd (Jal). The Adani Group is also expected to submit EOI before the deadline of March 25.
According to a report in “Economic Times”, another large Delhi -based industrial house is expected to submit EOI, as well as Kotak’s alternative assets. The EOI is the first phase in the bidding process for a new Jal owner.
This comes when Alal has to go under the hammer in the court’s insolvency proceedings. The National Company Tribunal’s bench has ordered a professional resolution supported by the resolution company Buhwan Madan to invite plans for resolution.
Plans will also take into account the funds of a company that may be worth over $ 2 billion or $ 17,300, the Financial Daily reported. The previous plan was to invite interest in individual assets.
Bud’s international circuit to Grand Noida, known for hosting Formula One racing, 2,500 acres on the Noida highway, cementitious plants with an annual capacity of 10 million tonnes, five hotels and so on. Are some of the company’s assets.
The company was admitted to the NCLT insolvency procedure on a plea from an Ici Bank last year. The court ruled that Alal had not paid the loans obtained from creditors.
Alal lenders involving the bits of Bank, State Bank of India, National Bank Punjab, Idbi Bank and 21 others awarded their loans, including director, interest and fines over several years, of about 48,000 RS, on the National Reconstruction of SOD (Narzl) on March 12.
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