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Voting on Lakshdweep's resolution plan for Jaypee Infratech to conclude today
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Voting on Lakshdweep's resolution plan for Jaypee Infratech to conclude today
May 9, 2018 8:01 AM

Sources tell CNBC-TV18 that the final voting on Lakshdweep Pvt Ltd's offer for Jaypee Infratech will conclude on Wednesday. However, the lenders seem divided over the resolution plan, reports Ritu Singh.

Jaypee Infratech is facing insolvency proceedings after it defaulted on loan repayments.

Lakshadweep Pvt Ltd, is a joint venture (JV) between Sudhir Valia-led Suraksha Asset Reconstruction Company and Mumbai-based Dosti Reality.

The JV has offered Rs 1,200 crore in cash to the banks, Rs 4,000 crore worth land parcel and the rest in form of long-term non-convertible debentures in the insolvency auction. A small equity stake to lenders is also part of the offer.

Jaypee Infratech currently has about Rs 24,000 crore worth assets while its debt is nearly Rs 10,000 crore.

First Published:May 9, 2018 5:01 PM IST

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