Vedanta has submitted a preliminary expression of interest (EoI) for Jaypee Infratech currently undergoing the Insolvency Resolution Proceedings (IRP). The EoI invited by insolvency resolution professional (IRP) has received response from various entities, including corporates and asset reconstruction companies.The National Company Law Tribunal (NCLT) has admitted the application by an IDBI Bank-led consortium seeking resolution for Jaypee Infratech under the Insolvency and Bankruptcy Code.
The last date for submission of EoI was November 7. Jaypee Infratech has defaulted on Rs 526.11 crore outstanding loan to IDBI.
Jaypee Infratech, which is into road construction and real estate business, has constructed the Yamuna Expressway, connecting Delhi and Agra. The company is developing more than 30,000 flats in Noida, most of which are incomplete.