JAL insolvency: Lenders reject Jaypee Infratech's request

Lenders of Jaiprakash Associates (JAL) have turned down Jaypee Infratech's request to accept its resolution plan to acquire the bankrupt diversified company.

- PRESS TRUST OF INDIA

LENDERS OF JAIPRAKASH Associates (JAL) have turned down Jaypee Infratech's request to accept its resolution plan to acquire the bankrupt diversified company.

Five companies — Adani Enterprises, Vedanta Group, Dalmia Bharat Cement, Jindal Power and PNC Infratech — have submitted their resolution plans to acquire JAL.

However, lenders of JAL, on June 25, had rejected the resolution plan of Suraksha Group-owned Jaypee Infratech as the bid was submitted late and without earnest money.