NEW DELHI
Jaiprakash Associates Ltd (JAL), the flagship company of the Jaypee Group, is seeking to stave off a fresh insolvency bid, this time from SBI, by seeking to sell its remaining assets.
“We have a track record of building iconic projects.
The setback is due to circumstances and issues such as the UltraTech deal.
The matter is expected to head into arbitration.
Gaur cited JAL’s inability to get Rs 750 crore “dues” from Jaypee Infratech Ltd, the group company that is under insolvency resolution for five years, as the other reason.
He confirmed the company will sell some of the cement assets to repay the dues and hoped that once the money comes, the 2017 restructuring plan that will leave only sustainable debt with the company will be implemented.
TAGSflagship company of the Jaypee Groupfresh cement asset.