Lenders to Jaypee Infratech Ltd. rejected a resolution plan submitted by Lakshdeep Investments & Finance Pvt Ltd., the stressed real estate firm said in a stock exchange notification today. The plan submitted by Lakshdeep Investments was the highest bid on the table and the only resolution plan submitted by a party other than Jaypee Infratech’s erstwhile promoters.
The committee of creditors' decision to reject the plan comes just days before the 270-day resolution period set under the Insolvency and Bankruptcy Code ends on Saturday.
According to two people who spoke on condition of anonymity, creditors representing only 6.5 percent of the total debt of the company voted in favour of the plan. IDBI Bank, which leads the CoC, voted against the plan. State Bank of India, another large creditor in the case, abstained from voting. The decision was taken through an e-voting process which extended over Tuesday and Wednesday.
Lakshdeep Investments is a joint venture between Dosti Realty and Suraksha Asset Reconstruction Company Ltd. Sudhir Valia, executive director, Sun Pharmaceuticals Ltd. is the promoter for Suraksha ARC.
An email sent to Lakshdeep Investments went unanswered. IDBI and SBI also did not respond to emails sent by BloombergQuint.
Jaypee Infratech owes Rs 9782 crore to its financial creditors, according to the information available on its website. Of this, IDBI Bank is owed Rs 4334 crore. IIFCL Ltd. is the second largest lender with an exposure of Rs 1,034.5 crore. SBI is owed Rs 756 crore, according to the claims admitted by the resolution professional.