 "Debt-ridden Jaypee Infratech Dec quarter net loss widens to Rs 601 crore")
Debt-ridden Jaypee Infratech Ltd, which is undergoing insolvency resolution, on Monday reported widening of its consolidated net loss to Rs 601.24 crore for the third quarter of this fiscal.
Its net loss at stood Rs 540.03 crore in the year-ago period.
Total income rose to Rs 312.66 crore in the December quarter of this fiscal from Rs 294.76 crore earlier.
During the April-December period of this fiscal, the consolidated net loss stood at Rs 1,825.03 crore as against a net loss of Rs 1,683.32 crore in the year-ago period.
Total income rose to Rs 946.19 crore in the first three quarters of this fiscal from Rs 770.4 crore in the corresponding period of the previous year.
The company is earning revenue from the Yamuna Expressway Project that connects Greater Noida to Agra, as well as its healthcare business.
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Jaypee Infratech Ltd is facing corporate insolvency resolution process (CIRP) since August 2017.
In November last year, the National Company Law Tribunal (NCLT) reserved its order on Mumbai-based Suraksha group's bid to acquire Jaypee Infratech Ltd and complete around 20,000 flats for aggrieved homebuyers.
Suraksha group had in June 2021 received the approval of financial creditors and homebuyers to take over Jaypee Infratech Ltd, raising hopes for homebuyers of getting possession of their dream flats in stalled projects, mainly in Noida and Greater Noida.
In the fourth round of bidding process to find a buyer for Jaypee Infratech, Suraksha group had won the bid with 98.66 per cent votes -- 0.12 per cent more votes than NBCC.
Suraksha group, in its final resolution plan, offered to bankers over 2,500 acres of land and nearly Rs 1,300 crore by way of issuing non-convertible debentures. It has also proposed to complete all pending flats over the next four years.
Jaypee Infratech's lenders have submitted a claim of Rs 9,783 crore. The CIRP was initiated over an application by an IDBI Bank-led consortium.