In October, Anuj Jain, the interim resolution professional (IRP), had invited EoI from corporate entities for submission of resolution plans for JIL. The last date for submitting the expression of interest was November 9 and the provisional list of applicants was to be prepared by November 19. Applicants need to submit the resolution plan by January 5, 2019.

On August 10, 2017, the National Company Law Tribunal had admitted IDBI Bank’s plea to initiate insolvency proceedings against the JIL for defaulting on an Rs 526-crore loan. However, no resolution was achieved.

During the previous resolution process, Lakshdeep, Adani Group and a joint venture between Kotak Invetment Advisors and Cube Highways had submitted the resolution plans. Consequently, Sudhir Valia-promoted Lakshdeep had emerged as a front runner to acquire JIL. However, in May this year, lenders of JIL rejected the Rs 7,350 crore bid by Lakshdeep as they found it “too low”.

According to a note prepared by IDBI Bank, Jaypee’s largest lender, the company’s actual value stands at Rs 17,111 crore while its distress value is pegged at Rs 14,548 crore. Jaypee Infratech has outstanding loans of about Rs 9,000 crore.

JIL, a subsidiary of Jaypee Group’s flagship firm Jaiprakash Associates, is developing about 32,000 flats, of which it has delivered 9,500 units. In July, the Supreme Court said that liquidation of Jaypee would serve no purpose for home buyers, financial institutions or the promoters.

Hence, exercising power under Article 142 of Constitution of India, the apex court extended the insolvency process of Jaypee on August 9, 2018 for a minimum of 180 days.