Home / Business / Bankrupt Jaypee Infratech’s net loss narrows to Rs 1,402 cr in FY19

Bankrupt Jaypee Infratech’s net loss narrows to Rs 1,402 cr in FY19

New Delhi, May 27 () Debt-ridden Jaypee Infratech, which is facing insolvency proceedings, Monday reported a consolidated net loss of Rs 1,402.16 crore during the last financial year despite higher income.

Its net loss stood at Rs 1,920.78 crore in the financial year 2017-18, the company said in a regulatory filing.

Its total income rose to Rs 1,613.32 crore during 2018-19 as compared with Rs 207.22 crore in the previous year, while total expenses also increased to Rs 2,993.62 crore from Rs 2,128 crore during the period under review.

Out of the total revenue in the previous financial year, Rs 1,292.79 crore came from Yamuna Expressway that connects Noida and Agra in Uttar Pradesh and Rs 320.59 came from hospital business.

Jaypee Infratech, which is a subsidiary of Jaypee group’s flagship firm Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium seeking revival of the realty firm.

During the first round of insolvency proceedings conducted last year, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders.

Later in October 2018, the IRP started the second round of bidding process to revive Jaypee Infratech on the NCLT’s direction.

In this round, a panel of financial creditors, in which 13 banks and over 23,000 homebuyers have voting rights, has rejected the Suraksha Realty’s bid. Currently, the committee is considering the bid submitted by state-owned NBCC Ltd. MJH HRS

News credit : Indiatimes