A bankruptcy case involving JEKPL Pvt Ltd has been resolved, becoming the first to close after the government recently barred promoters from bidding for their companies. Private equity firm Atyant Capital, which had earlier invested in Balaji Telefilms, will buy out the company.
The resolution plan is for a full takeover of the existing shareholding and management of the company, an official said, adding that banks may have to take a haircut of 70-75% in this case. The company’s total debt was about Rs 600 crore. The corporate insolvency resolution process against JEKPL was initiated on March 17.
Atyant Capital, an India-focused private investment fund, could not be reached immediately for comment. “Several round of discuss…
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/atyant-to-buy-jekpl-under-bankruptcy-code/articleshow/62200949.cms