Creditors of power producing company Abhijeet MADC (AMADC) led by Edelweiss ARC have sought removal of the company’s liquidator, Vinod Kothari, citing lack of faith after he settled company’s Rs 17.57 crore claims against Reliance Infrastructure (R-Infra) for just Rs 9.65 crore without informing the lenders. AMADC owes creditors Rs 1,200 crore and is facing liquidation after attempts to find a buyer failed. Financial creditors include Alchemist ARC (Rs 1,101cr dues), SBI (Rs 214 cr) and Edelweiss ARC (Rs 154 cr). Edelweiss has pleaded that a new liquidator be appointed and the settlement with R-Infra be declared null and void.
Sun Pharmaceutical's co-promoter Sudhir Valia is likely to drop out of the race for Jaypee Infratech, Business Standard reported. Valia, owner of Suraksha Asset Reconstruction, was planning to make a bid for Jaypee in a tie-up with Dosti Realty, a Mumbai based real estate developer. The stock of Sun Pharmaceutical has dropped about 37 percent, since September over whistle-blower complaints of corporate misgovernance.
According to a regulatory filing, the financial creditors and home buyers of Jaypee Infratech have extended the deadline till February 15 for shortlisted bidders to submit proposals to revive the debt-ridden realty firm. The four shortlisted bidders, state-owned NBCC, Kotak Investment, Singapore-based Cube Highways, and Suraksha group, were earlier asked to submit resolution plans by January 27 to revive Jaypee Infratech, which is undergoing insolvency proceedings in the National Company Law Tribunal (NCLT).