Jaiprakash Associates lenders appoint Deloitte to support resolution professional
Deloitte has won the mandate for resolution of Jaiprakash Associates- the largest insolvency case currently, which has claims of over Rs 51509 crore and assets ranging from real estate to cement business, said a stock exchange disclosure. Deloitte will replace PwC for the sale process of Jaiprakash Associates, which is undergoing corporate insolvency and resolution process.
Lenders had appointed Bhuvan Madan as the resolution professional. Going forward, Deloitte will support the RP, thus replacing PwC, said people with knowledge.
Lenders have also approved a resolution to appoint legal firm Shardul Amarchand Mangaldas as legal advisor for the RP, and BDO LLP is appointed to carry out agency for specialised monitoring (ASM) related assignments for the company.
State Bank of India (SBI), ICICI Bank and IDBI Bank State Bank of India (SBI), ICICI Bank and IDBI Bank jointly hold little less than 60% debt in the company among 31 lenders.
Manoj Gaur promoted Jaiprakash Associates was admitted in July after a six-year delay.
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