New Delhi: Debt-ridden Jaypee Infratech, which is facing insolvency proceedings, on Monday reported a consolidated net loss of ₹1,402.16 crore during the last financial year despite higher income. Its net loss stood at ₹1,920.78 crore in the financial year 2017-18, the company said in a regulatory filing. During the first round of insolvency proceedings conducted last year, the ₹7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. Later in October 2018, the IRP started the second round of bidding process to revive Jaypee Infratech on the NCLT's direction. In this round, a panel of financial creditors, in which 13 banks and over 23,000 homebuyers have voting rights, has rejected the Suraksha Realty's bid.

Source: Mint May 28, 2019 05:26 UTC