New Delhi: The lender banks have selected Deloitte for the responsibility of resolving and managing the insolvency process of Jaiprakash Associates. Jaypee Associates has a liability of Rs 51,509 crore. And it is believed that this is the biggest insolvency process till date.

Jaypee Associates has the highest borrowings from SBI, ICICI and IDBI Bank. These three banks account for more than 50 per cent of the company's total dues. Apart from this, the company has loans from 31 other lenders.

The National Company Law Tribunal (NCLT) has already given permission to start the bankruptcy process against Jaypee Associates. Jaypee Associates has cement plants, real estate, residential buildings in various cities, hotels, hospitals and the country's only Formula One race track. According to sources, Deloitte will now manage the process of selling assets to repay the liabilities instead of PwC.

Lenders to Jaypee Associates have appointed Bhuvan Madan as resolution professional. Deloitte will prepare a plan for the sale of assets and resolution of the bankruptcy process. Lenders have approved the appointment of law firm Shardul Amarchand Mangaldas as legal advisor. According to sources, Jaypee Associates owes SBI Rs 15,465 crore.

Along with this, the company has to return Rs 9203 crore to ICICI Bank and Rs 5794 crore to IDBI Bank. The capacity of Jaypee Associates' cement plant is said to be 90 lakh tonnes. The company has hotels in cities like Delhi, Noida, Mussoorie and Agra. In the first quarter of the current financial year, the company's loss was Rs 1023 crore, while in the first quarter of the last financial year, this loss was Rs 181 crore.