At least 20 big companies have come forward to fulfill the trapped real estate projects of the JP Group. These companies will be involved in bidding to fulfill these projects. Companies showing interest in bidding J. s. W.-Jaiprakash Associates, Vedanta Group, Tata Realty, L & T and the National Investment and Infrastructure Fund (NIIF) are the major ones. JP Group is facing Insolvency Proceedings. To complete the real estate projects of Kampan, Rs 2,000 crore is needed. This news has helped thousands of buyers of JP Group whose money is stuck in the company for years and they have not got a house yet. The last date for submitting the proposal was October 17. According to sources, a lot of companies have shown interest in it. Bidding companies include Essel Group, Lodha, IDFC etc.
Now the Resolutions Professional appointed by the National Company Law Tribunal will further this process. Explain that Resolutions Professional will have to solve this problem in 180 days. To solve this problem, you can get 90 days more time under the Insolvenancy and Bankruptcy Code. After that, the insolvency process will be started if unsuccessful. According to the new law, the Resolutions are handling the company’s management with the Professional Committee of Creditors. Resolutions Professional, State Government and the Central Government want to complete all the non-compliant 25,000 apartments as soon as possible. So far 7,000 properties have been handed over to the buyers.
This issue was discussed in the meeting of the Committee of Creditors on Friday. The most shocking name for this bidding Sajjan Jindal J.S.W.U. His company is planning to buy 30 per cent stake in JP Associates. Jindal’s company will bid in collaboration with JP Associates, who is facing Insolvency Proceedings. Although its official announcement was not made yet.
It is worth mentioning that the Supreme Court has asked the JP Associates to deposit Rs 1,000 crore. The company is facing difficulties in raising funds. Talks between the two groups regarding buying steak and bidding are still in progress. Recently, Resolutions Professional invited the bid to make investment of 2,000 rupees to complete the stuck 27 projects of JP Group. After this the companies have shown interest in fulfilling the projects.