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Time of India
09-06-2025
- Business
- Time of India
Jaiprakash Associates creditors extend bid deadline by 15 days
Creditors to Manoj Gaur-promoted Jaiprakash Associates Ltd (JAL), led by National Asset Reconstruction Co Ltd ( NARCL ), have decided to extend the timeline for submission of bids by another 15 days from June 9. The decision was taken at the meeting of the committee of creditors (CoC) over the weekend after requests from some bidders for more time to submit their bids. "Some bidders requested for more time and NARCL, which is the largest creditor, has agreed. This will be conveyed to all stakeholders on Monday," said a person familiar with the process, who did not wish to be identified. NARCL did not immediately reply to ET's email seeking comments. The debt-laden holding company of the real estate, cement and engineering, procurement and construction (EPC) group, operating mostly in Delhi-National Capital Region, owes creditors a total of ₹57,185 crore. Interested bidders have to submit an earnest money deposit and performance security. Lenders have also sought bank guarantees of ₹8.5 lakh against 100% margin (in the form of a lien marked fixed deposit), to cover for the mining plan for Degarhat Devmaudaldal leased limestone mine of JAL. Media reports said that more than two dozen varied bidders including power and cement companies, alternative asset managers and EPC companies have expressed interest in placing formal bids. They include large companies such as Adani Enterprises , Dalmia Bharat , Vedanta , Patanjali Ayurveda, Naveen Jindal's Jindal Power, GMR Group, Kotak Alternate Asset Managers, Oberoi Realty and Torrent Power. ET could not immediately ascertain the names of the bidders. NARCL is the single largest creditor to the company, having taken over 87% of the ₹57,185 crore debt from banks in January. Acre ARC, with 4% of the debt, and Axis Bank, with 1.60% of the debt, are the other large creditors. JAL is among the largest companies undergoing the corporate resolution process under Insolvency and Bankruptcy Code. In terms of debt size, the JAL resolution is only dwarfed by the ₹65,000 crore owed by Videocon Industries to its creditors.
Time of India
08-06-2025
- Business
- Time of India
Jaiprakash Associates Ltd creditors extend bid deadline by 15 days
Jaiprakash Associates Ltd faces debt resolution. NARCL, the lead creditor, extends the bid submission deadline by 15 days. This decision follows requests from interested bidders. The company owes creditors ₹57,185 crore. Several companies including Adani Enterprises and Dalmia Bharat have shown interest. NARCL holds the majority of the debt. The resolution process continues under the Insolvency and Bankruptcy Code. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Creditors to Manoj Gaur-promoted Jaiprakash Associates Ltd (JAL), led by National Asset Reconstruction Co Ltd ( NARCL ), have decided to extend the timeline for submission of bids by another 15 days from June 9. The decision was taken at the meeting of the committee of creditors (CoC) over the weekend after requests from some bidders for more time to submit their bids. "Some bidders requested for more time and NARCL, which is the largest creditor, has agreed. This will be conveyed to all stakeholders on Monday," said a person familiar with the process, who did not wish to be did not immediately reply to ET's email seeking comments. The debt-laden holding company of the real estate, cement and engineering, procurement and construction (EPC) group, operating mostly in Delhi-National Capital Region, owes creditors a total of ₹57,185 crore. Interested bidders have to submit an earnest money deposit and performance have also sought bank guarantees of ₹8.5 lakh against 100% margin (in the form of a lien marked fixed deposit), to cover for the mining plan for Degarhat Devmaudaldal leased limestone mine of reports said that more than two dozen varied bidders including power and cement companies, alternative asset managers and EPC companies have expressed interest in placing formal bids. They include large companies such as Adani Enterprises Vedanta , Patanjali Ayurveda, Naveen Jindal's Jindal Power, GMR Group, Kotak Alternate Asset Managers, Oberoi Realty and Torrent Power. ET could not immediately ascertain the names of the is the single largest creditor to the company, having taken over 87% of the ₹57,185 crore debt from banks in January. Acre ARC, with 4% of the debt, and Axis Bank, with 1.60% of the debt, are the other large is among the largest companies undergoing the corporate resolution process under Insolvency and Bankruptcy Code . In terms of debt size, the JAL resolution is only dwarfed by the ₹65,000 crore owed by Videocon Industries to its creditors.
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Business Standard
29-05-2025
- Business
- Business Standard
McLeod Russel in discussion with NARCL for composite debt resolution
McLeod Russel India has submitted an initial proposal to the National Asset Reconstruction Company Limited (NARCL) for resolution of its debt. In March this year, most lenders—except IndusInd Bank—assigned their loan accounts in India's largest bulk tea producer to NARCL. In its results disclosure, McLeod stated that borrowings from banks aggregating to Rs 1,033.03 crore, representing the principal amount, had been assigned to NARCL. This was done under an Assignment Agreement dated 12 March 2025, executed under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). According to McLeod sources, the company is now seeking a composite resolution of its total debt and has initiated engagement with NARCL. In its notes to results, McLeod mentioned that management is confident that a resolution will be reached regarding borrowings from asset reconstruction companies (ARCs) and banks, aggregating to Rs 1,461.07 crore. The company expects to arrive at a sustainable repayment amount, including associated costs, along with an agreed repayment timeline in due course. In addition to NARCL, McLeod will also have to engage with IndusInd Bank and JC Flowers ARC. While realisation from tea sales had improved to some extent, the company suffered crop losses due to adverse weather conditions, impacting overall operations and performance. The company further noted that inter-corporate deposits (ICDs) extended to various promoter group entities and others in earlier years, along with accrued interest, remain outstanding as of the reporting date. In the January–March quarter (Q4FY25), McLeod reported a net loss of Rs 174.41 crore, down from Rs 218.42 crore in the corresponding quarter of the previous year. Revenue from operations stood at Rs 165.47 crore in Q4FY25, compared to Rs 194.95 crore a year earlier. For the full year FY25, revenue was Rs 1,185.41 crore, compared to Rs 1,135.89 crore in FY24. The net loss for FY25 stood at Rs 197.87 crore, down from Rs 311.59 crore in FY24.
