Deloitte has won the mandate for resolution of Jaiprakash Associates– the largest insolvency case currently, which has claims of over Rs 51509 crore and assets ranging from real estate to cement business, said a stock exchange disclosure. Deloitte will replace PwC for the sale process of Jaiprakash Associates, which is undergoing corporate insolvency and resolution process.
Lenders had appointed Bhuvan Madan as the resolution professional. Going forward, Deloitte will support the RP, thus replacing PwC, said people with knowledge.
Lenders have also approved a resolution to appoint legal firm Shardul Amarchand Mangaldas as legal advisor for the RP, and BDO LLP is appointed to carry out agency for specialised monitoring (ASM) related assignments for the company.
State Bank of India (SBI), ICICI Bank and IDBI Bank State Bank of India (SBI), ICICI Bank and IDBI Bank jointly hold little less than 60% debt in the company among 31 lenders.
Manoj Gaur promoted Jaiprakash Associates was admitted in July after a six-year delay.
SBI has the highest admitted claims of Rs 15465 crore, followed by ICICI Bank at Rs 9203 crore and IDBI Bank at Rs 5794 crore.
JAL’s assets include operating cement plants with capacity of over 9 million tonnes; real estate around the Yamuna Expressway Industrial Development Area (YEIDA); hotels in Delhi, Noida, Mussoorie and Agra; EPC business, power plants, a hospital in Noida and also the Buddh International Circuit—the only Formula One track in India.
The company’s net loss had widened to Rs 1023 crore in the first quarter of this fiscal from Rs 181 crore a year-ago.
