Latest news with #JIL
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Business Standard
09-06-2025
- Business
- Business Standard
CoC extends Jaiprakash Associates resolution plan deadline to 24 June
The Committee of Creditors (CoC) for Jaiprakash Associates (JAL) has approved an extension for the submission of resolution plans, pushing the deadline to 24 June 2025. The decision was made in response to multiple requests from prospective resolution applicants (PRAs), the company said in a regulatory filing. Previously, under the Invitation for Expression of Interest (IEOI), JAL had set 9 June 2025 as the deadline for PRAs to submit their resolution plans. 'Upon requests received from several PRAs for extension of the current deadline of 9 June 2025 for submission of resolution plans, the members of the Committee of Creditors of the Corporate Debtor have approved with the requisite majority the extension of time for submission of Resolution Plans till 24 June 2025,' the company said. Insolvency proceedings and bidders JAL, the flagship company of the Jaypee Group, was admitted into the Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT), Allahabad Bench, on 3 June 2024 after defaulting on loan repayments. A total of 25 companies have expressed interest in acquiring JAL. The list of prospective resolution applicants includes prominent names such as Adani Enterprises, Vedanta, and Patanjali Ayurveda. Other applicants include Dalmia Cement (Bharat) Ltd, Torrent Power Ltd, GMR Business & Consultancy LLP, Jaypee Infratech, Jindal Power Ltd, Jindal India Power, Kotak Alternate Asset Managers Ltd, Oberoi Realty, and PNC Infratech. Additional bidders are Authum Investment & Infrastructure; Consortium of Winro Commercial (India) and Parakh Advisors; Dickey Asset Management; India Opportunities XII Investments; J C Flowers Asset Reconstruction; Jaithari Thermal Power; Jakson Ltd; Oriental Structural Engineers; Paschim Sagar Properties; Rashmi Metaliks; Sherisha Technologies; Sigma Corporation (India) Ltd; and Winchain Infrastructures. Jaypee insolvency timeline Founded in 1979 by Jaiprakash Gaur, Jaiprakash Associates Limited operates across construction, power, real estate, hospitality, and infrastructure. Its subsidiary, Jaypee Infratech Limited (JIL), developed the Yamuna Expressway and was active in real estate in the National Capital Region before entering CIRP in August 2017 due to loan defaults. After prolonged legal proceedings and a monitoring committee's oversight, the Mumbai-based Suraksha Group emerged as the successful resolution applicant. The National Company Law Appellate Tribunal (NCLAT) approved Suraksha's plan on 24 May 2024. In early June 2024, Suraksha took control of JIL, appointed a three-member board, and injected ₹125 crore in equity to revive stalled housing projects. By August 2024, it had invested an additional ₹250 crore and secured a ₹3,000 crore loan to continue work on approximately 20,000 incomplete flats. Suraksha Group's subsidiary now manages JIL under the approved plan, while JAL continues its broader restructuring process.
Time of India
26-05-2025
- Business
- Time of India
ED seizes ₹1.70 crore cash, documents in raids against Jaypee Infratech, others
NEW DELHI: The Enforcement Directorate has said it seized cash of Rs 1.70 crore and documents related to immovable assets during searches conducted against Jaypee Infratech Ltd (JIL), Jaiprakash Associates Ltd (JAL) and other entities in an alleged homebuyers' fraud case linked money laundering investigation. The raids were carried out at 15 premises in Delhi, Noida, Ghaziabad and Mumbai on May 23 under the Prevention of Money Laundering Act (PMLA). "The search covered offices and premises of JAL, its related entities and its promoters directors. "Searches were also conducted at the offices and premises related to key business associates of JAL, including Gaursons India Pvt Ltd, Gulshan Homz Pvt Ltd, and Mahagun Real Estate Pvt Ltd.," the central probe agency said in a statement issued on Sunday. The money laundering case stems from FIRs registered by the Economic Offences Wing (EOW) of Delhi Police and Uttar Pradesh Police against companies like JAL, JIL, and their promoters, directors. The FIRs allege large-scale fraud and criminal conspiracy, including dishonest inducement of homebuyers and investors to invest funds under the pretext of allotment of residential apartments and plots in projects such as Jaypee Wishtown (a project of JIL) and Jaypee Greens (a venture of JAL). Officials had earlier said the alleged fraud was worth Rs 12,000 crore. During the searches, the ED said, financial documents and digital devices along with documents relating to immovable properties held in the names of promoters, their family members and the group companies apart from cash of Rs 1.70 crore were seized. In a stock exchange filing made on Saturday, Jaiprakash Associates said "the Enforcement Directorate (ED) has initiated searches at the offices of the company on 23rd May, 2025." The company continues to operate in normal course of business, it added. "... the Company and its officials are fully co-operating with the authorities and also providing all the relevant information to the authorities sought for during the search process," Jaiprakash Associates said. Jaiprakash Associates, a flagship firm of crisis-hit Jaypee Group, is into cement, construction, power, real estate and hospitality businesses among others. Jaypee Group firm Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group.
Hindustan Times
26-05-2025
- Business
- Hindustan Times
ED seizes ₹1.70 cr cash, documents in raids against Jaypee Infratech Ltd, others
New Delhi, May 26 (PTI) The Enforcement Directorate has said it seized cash of ₹1.70 crore and documents related to immovable assets during searches conducted against Jaypee Infratech Ltd (JIL), Jaiprakash Associates Ltd (JAL) and other entities in an alleged homebuyers' fraud case linked money laundering investigation. The raids were carried out at 15 premises in Delhi, Noida, Ghaziabad and Mumbai on May 23 under the Prevention of Money Laundering Act (PMLA). "The search covered offices and premises of JAL, its related entities and its promoters directors. "Searches were also conducted at the offices and premises related to key business associates of JAL, including Gaursons India Pvt Ltd, Gulshan Homz Pvt Ltd, and Mahagun Real Estate Pvt Ltd.," the central probe agency said in a statement issued on May 25. The money laundering case stems from FIRs registered by the Economic Offences Wing (EOW) of Delhi Police and Uttar Pradesh Police against companies like JAL, JIL, and their promoters, directors. The FIRs allege large-scale fraud and criminal conspiracy, including dishonest inducement of homebuyers and investors to invest funds under the pretext of allotment of residential apartments and plots in projects such as Jaypee Wishtown (a project of JIL) and Jaypee Greens (a venture of JAL). Officials had earlier said the alleged fraud was worth ₹12,000 crore. During the searches, the ED said, financial documents and digital devices along with documents relating to immovable properties held in the names of promoters, their family members and the group companies apart from cash of ₹1.70 crore were seized. In a stock exchange filing made on Saturday, Jaiprakash Associates said "the Enforcement Directorate (ED) has initiated searches at the offices of the company on 23rd May, 2025." The company continues to operate in normal course of business, it added. "... the Company and its officials are fully co-operating with the authorities and also providing all the relevant information to the authorities sought for during the search process," Jaiprakash Associates said. Jaiprakash Associates, a flagship firm of crisis-hit Jaypee Group, is into cement, construction, power, real estate and hospitality businesses among others. Jaypee Group firm Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group.
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Business Standard
26-05-2025
- Business
- Business Standard
ED seizes ₹1.70 cr cash, documents in raids on Jaypee Infratech, others
The Enforcement Directorate has said it seized cash of Rs 1.70 crore and documents related to immovable assets during searches conducted against Jaypee Infratech Ltd (JIL), Jaiprakash Associates Ltd (JAL) and other entities in an alleged homebuyers' fraud case linked money laundering investigation. The raids were carried out at 15 premises in Delhi, Noida, Ghaziabad and Mumbai on May 23 under the Prevention of Money Laundering Act (PMLA). "The search covered offices and premises of JAL, its related entities and its promoters directors. "Searches were also conducted at the offices and premises related to key business associates of JAL, including Gaursons India Pvt Ltd, Gulshan Homz Pvt Ltd, and Mahagun Real Estate Pvt Ltd.," the central probe agency said in a statement issued on Sunday. The money laundering case stems from FIRs registered by the Economic Offences Wing (EOW) of Delhi Police and Uttar Pradesh Police against companies like JAL, JIL, and their promoters, directors. The FIRs allege large-scale fraud and criminal conspiracy, including dishonest inducement of homebuyers and investors to invest funds under the pretext of allotment of residential apartments and plots in projects such as Jaypee Wishtown (a project of JIL) and Jaypee Greens (a venture of JAL). Officials had earlier said the alleged fraud was worth Rs 12,000 crore. During the searches, the ED said, financial documents and digital devices along with documents relating to immovable properties held in the names of promoters, their family members and the group companies apart from cash of Rs 1.70 crore were seized. In a stock exchange filing made on Saturday, Jaiprakash Associates said "the Enforcement Directorate (ED) has initiated searches at the offices of the company on 23rd May, 2025." The company continues to operate in normal course of business, it added. "... the Company and its officials are fully co-operating with the authorities and also providing all the relevant information to the authorities sought for during the search process," Jaiprakash Associates said. Jaiprakash Associates, a flagship firm of crisis-hit Jaypee Group, is into cement, construction, power, real estate and hospitality businesses among others. Jaypee Group firm Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group.
The Hindu
26-05-2025
- Business
- The Hindu
ED seizes ₹1.70-cr cash, documents in raids against Jaypee Infratech Ltd
The Enforcement Directorate has said it seized cash of ₹1.70 crore and documents related to immovable assets during searches conducted against Jaypee Infratech Ltd (JIL), Jaiprakash Associates Ltd (JAL) and other entities in an alleged homebuyers' fraud case linked money laundering investigation. The raids were carried out at 15 premises in Delhi, Noida, Ghaziabad and Mumbai on May 23 under the Prevention of Money Laundering Act (PMLA). "The search covered offices and premises of JAL, its related entities and its promoters directors. "Searches were also conducted at the offices and premises related to key business associates of JAL, including Gaursons India Pvt Ltd, Gulshan Homz Pvt Ltd, and Mahagun Real Estate Pvt Ltd.," the central probe agency said in a statement issued on Sunday. FIR alleges frauds, criminal conspiracy The money laundering case stems from FIRs registered by the Economic Offences Wing (EOW) of Delhi Police and Uttar Pradesh Police against companies like JAL, JIL, and their promoters, directors. The FIRs allege large-scale fraud and criminal conspiracy, including dishonest inducement of homebuyers and investors to invest funds under the pretext of allotment of residential apartments and plots in projects such as Jaypee Wishtown (JIL) and Jaypee Greens (JAL). During the searches, it said, financial documents and digital devices along with documents relating to immovable properties held in the names of promoters, their family members and the group companies and cash amounting to ₹1.70 crore were seized. Jaiprakash Associates Ltd, currently facing insolvency proceedings, is into cement, construction, real estate, power and hospitality business among others. Suraksha Realty has acquired Jaypee Infratech Ltd through insolvency to complete stalled housing projects in NCR comprising around 20,000 flats. There was no response from the companies or promoters concerned.
