Outcome of Meeting of 11th CoC.
Awaiting price reaction for this filing.
Jaiprakash Associates Limited, currently under the Corporate Insolvency Resolution Process (CIRP), informed stock exchanges about the outcome of its 11th Committee of Creditors (CoC) meeting held on 25th March 2025, with e-voting concluding on 4th April 2025. Two resolutions were approved with strong creditor support: (1) Authorization for the Resolution Professional to invite bids for the company's investments in Jaiprakash Power Ventures Limited and Jaypee Fertilizers and Industries Limited, approved with 88.96% voting (well above the 51% threshold required). (2) Authorization to hand over possession and facilitate registration of 154 units of Jaypee Greens, Wishtown, Noida to existing allottees, approved with 88.98% voting (above the 66% threshold required). Both decisions were made under the Insolvency and Bankruptcy Board of India (IBBI) CIRP Regulations. Resolution Professional Bhuvan Madan is overseeing these asset-related actions.
The high approval percentages show creditors are aligned in moving the resolution process forward, which is a positive step. Asset monetization through bidding for the power and fertilizer investments could unlock value, while handing over 154 housing units to allottees addresses long-pending home buyer grievances. However, equity shareholders remain at high risk as recovery for them depends entirely on the final resolution plan, and any further asset sales may not benefit them.