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Jaypee Infratech widens loss to Rs 448 crore in Q1 FY20

The total income of Jaypee Infratech, however, increased to Rs 669.56 crore during the quarter under review. The debt-laden company had reported a total income of Rs 432.31 crore during the year-ago period

twitter-logo BusinessToday.In        Last Updated: July 27, 2019  | 23:10 IST
Jaypee Infratech widens loss to Rs 448 crore in Q1 FY20

Jaypee Infratech reported a consolidated net loss of Rs 448.09 crore during the first quarter of the financial year 2019-20 ended June 30, 2019. The company had posted a net loss of Rs 319.82 crore during the quarter ended June 30, 2018, Jaypee Infratech said in a filing to the Bombay Stock Exchange.

The total income of Jaypee Infratech, however, increased to Rs 669.56 crore during the quarter under review. The debt-laden company had reported a total income of Rs 432.31 crore during the year-ago period.

Jaypee Infratech went into insolvency in 2017 after the NCLT admitted an application by an IDBI Bank-led consortium seeking resolution of the firm. During the first round of insolvency proceedings, the Rs 7,350 crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders.

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In October 2018, Interim Resolution Professional (IRP) Anuj Jain started a fresh initiative to revive Jaypee Infratech on the NCLT's direction. In the second round, lenders rejected bids of Suraksha Realty and state-owned NBCC received through the bidding process.

"As the powers of the Board of Directors have been suspended, the above results have not been adopted by the Board of Directors. However, the same have been signed by Manoj Gaur, Chairman Cum Managing Director of the Company confirming accuracy and completeness of results. These financial results have thereafter been taken on record by the IRP on July 27, 2019, for filing with the stock exchanges," the company said in the regulatory filing.

Jaiprakash Associates (JAL), the promoter of Jaypee Infratech, had submitted Rs 750 crore in the registry of the Supreme Court for the refund to home buyers and the amount is lying with the NCLT.

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At the beginning of this week, promoters of Jaypee Infratech proposed before the NCLAT that they will pay creditors entire outstanding amount without any hair cut and complete pending projects within three years. The appellate tribunal has directed to list the matter on July 29, when it is likely to pass the order on this.

(With PTI inputs)

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