The evaluation of assets of Jayaprakash Associates has suffered a setback. The Allahabad High Court recently upheld the order of a government agency in which the company was ordered to cancel 1,000 hectares of land allotted for the Sports City Project near New Delhi. The land was allotted several years before the company’s bankruptcy.
The cancellation of land allocation contract by Yamuna Expressway Industrial Authority (YIDA) was a setback for this real estate company, which this week received letters from about 24 claimants including Jindal Power, Adani, Security and Torrentgroup.
The representative of a bidding company for Jayaprakash Associates Limited (JAL) said, “We are reviewing the order, as it will directly affect the evaluation of the company while inviting financial bids.”
JAL was included in the insolvency process on 3 June. According to the court order, the total claims filed against it in bankrupt proceedings are Rs 64,552 crore. Out of that amount, claims worth Rs 51,512 crore were accepted by the Insolvency Officers. JAL has 1 million tonnes of annual capacity cement manufacturing units and electricity, roads, fertilizers and tunnel projects.
First Published – March 27, 2025 | 11:02 pm IST
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