Lenders to Jaypee Infratech (JIL) will, on November 27, decide whether L&T Infrastructure Development Projects’ (IDPL) selective proposal for the bankrupt firm can be considered.
L&T IDPL is interested only in JIL’s flagship Yamuna Expressway and does not want to bid for land parcels attached to the expressway. The company is an arm of engineering and construction major Larsen & Toubro. In all, five suitors have submitted bids for the bankrupt firm whose assets include 25,000 apartments that are under construction and 3,000 acres of land parcels, mostly along with the expressway. Sources said that while it might be theoretically possible for a suitor to submit a conditional bid, it would be up to the committee of creditors (CoC) to decide whether they would allow a piece-meal sale of assets.