2024-06-18 09:39:45
New Delhi: One other firm of Jaiprakash Group has gone bankrupt. NCLT has ordered to begin insolvency proceedings in opposition to Jaypee Healthcare. That is the final priceless firm of Jaypee Group which has been admitted for chapter. Many massive corporations of the nation have proven curiosity in shopping for it. These embody Fortis Healthcare, Apollo Hospitals, Medanta and Max Healthcare. On Friday, the Allahabad bench of NCLT gave an oral order to just accept Jaypee Healthcare for company insolvency and backbone course of on a petition filed by JC Flowers Asset Reconstruction Firm. Nevertheless, NCLT has not but uploaded a written order on this regard on its web site. Manoj Gaur promoted Jaiprakash Associates was admitted for company insolvency course of this month, whereas the consortium led by Suraksha Realty has already taken management of one other firm of the group, Jaypee Infratech. Jaypee Healthcare, a multi-specialty tertiary care hospital situated in Jaypee Want City, Noida, is a subsidiary of Jaypee Infratech. It runs a multi-specialty tertiary care hospital in Want City, Noida. Based on a disclosure by Care Scores, the corporate owes a complete of about ₹1,000 crore to JC Flowers ARC, Financial institution of Baroda, Exim Financial institution, Punjab Nationwide Financial institution and Asset Reconstruction Firm of India. Fortis Healthcare, Apollo Hospitals, Medanta and Max Healthcare didn’t reply to requests for remark.
who has how a lot share
NCLT has appointed PwC-backed Bhuvan Madan as interim decision skilled for the corporate, whereas lenders have appointed Shardul Amarchand Mangaldas as their advisor. Sure Financial institution had given mortgage to Jaypee Infratech by pledging shares of Jaypee Healthcare. In March 2023, JC Flowers ARC took 63.6% stake in Jaypee Healthcare by encashing pledged shares. The remainder of the stake within the firm was held by Jaypee Infratech. Based on sources, hospital chain corporations eager about buying Jaypee Healthcare had earlier approached each ARC and Suraksha Realty. Suraksha, which has a 36% fairness stake, had argued earlier than NCLT final month that it was in talks with Jaypee Healthcare’s lenders for an out-of-court settlement. Nevertheless, a supply stated that the settlement couldn’t be reached.
Earlier, Sure Financial institution had filed a petition to confess Jaypee Healthcare. In June 2022, the tribunal stored the matter in abeyance until the decision plan for Jaypee Infratech was handed. The NCLT handed the order primarily based on the argument of NBCC that there’s a risk of an amicable settlement between the profitable bidder of Jaypee Infratech and the lenders of Jaypee Healthcare. NBCC had additionally staked declare for Jaypee Infratech, the mother or father firm of Jaypee Healthcare. Jaypee Hospital has 504 beds, 18 operation theatres and 35 specialties.