LM: Bankrupt Jaypee Infratech’s net loss narrows in FY19

28 May 2019: Debt-ridden Jaypee Infratech, which is facing insolvency proceedings, on Monday reported a consolidated net loss of ₹1,402.16 crore during the last financial year despite higher income.

Its net loss stood at ₹1,920.78 crore in the financial year 2017-18, the company said in a regulatory filing.

Its total income rose to ₹1,613.32 crore during 2018-19 as compared with ₹207.22 crore in the previous year, while total expenses also increased to ₹2,993.62 crore from ₹2,128 crore during the period under review.

Out of the total revenue in the previous financial year, ₹1,292.79 crore came from Yamuna Expressway that connects Noida and Agra in Uttar Pradesh and ₹320.59 came from hospital business.

Jaypee Infratech, which is a subsidiary of Jaypee group’s flagship firm Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium seeking revival of the realty firm.

During the first round of insolvency proceedings conducted last year, the ₹7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders.

Later in October 2018, the IRP started the second round of bidding process to revive Jaypee Infratech on the NCLT’s direction.

In this round, a panel of financial creditors, in which 13 banks and over 23,000 homebuyers have voting rights, has rejected the Suraksha Realty’s bid. Currently, the committee is considering the bid submitted by state-owned NBCC Ltd.

The LiveMint reported

Categories: General News, India Bankruptcy, Indian Earnings

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