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New Delhi, Feb 13 () Jaiprakash Associates Ltd (JAL) on Thursday reported a consolidated net loss of Rs 874.44 crore for the quarter ending December.Its net loss stood at Rs 400.72 crore in the year-ago period.Total income declined to Rs 2,119.63 crore in the third quarter of this fiscal year from Rs 2,583.62 crore in the corresponding period of the previous year.JAL is engaged in many businesses including cement, power, construction, hospitality, real estate and sport events. MJH MRMR

Jaiprakash Associates net loss widens to Rs 874.44 cr during Oct-Dec quarter

New Delhi, Dec 2 () Yes Bank has approached the National Company Law Tribunal (NCLT), Allahabad to initiate insolvency proceedings against Jaypee Healthcare, which is a subsidiary of bankrupt Jaypee Infratech.
Crisis-hit Jaypee group's flagship firm Jaiprakash Associates Ltd (JAL) is the promoter of Jaypee Infratech. 
"A petition is under filing by Yes Bank Ltd under section 7 of the Insolvency and
Bankruptcy Code, 2016 before National Company Law Tribunal (NCLT), Allahabad to initiate Corporate Insolvency Resolution Process against Jaypee Healthcare Ltd (a subsidiary of the company)," the company said in a filing to the exchange.
Already, Jaypee Infratech is facing the insolvency proceedings. Its affairs, business and assets are being managed by the Interim Resolution Professional (IRP) Anuj Jain.
In the first round of insolvency proceedings of Jaypee Infratech conducted last year, Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. 
During May-June this year, lenders rejected the bids of Suraksha Realty and NBCC in the second round.
The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then the Supreme Court.
On November 6, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty.
As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have nearly 60 per cent votes. For a bid to be approved, 66 per cent votes are required. Total claim admitted is over Rs 23,000 crore, of which around Rs 13,000 crore pertains to home buyers and rest of 13 banks. MJH MKJ

Yes Bank approaches NCLT against Jaypee Healthcare to start insolvency process

New Delhi, Dec 4 () A joint venture of Tata Power and ICICI Bank on Wednesday acquired real estate baron Manoj Gaur's biggest power plant at Prayagraj in Uttar Pradesh by agreeing to takeover Rs 6,000 crore of debt of the company.
 Renascent Power Ventures Pvt Ltd, the wholly-owned subsidiary of Resurgent Power Ventures Pte, has acquired 75 per cent stake in Prayagraj Power Generation Co Ltd (PPGCL) which owns and operates 1,980 MW coal-based electricity generation unit, Tata Power said in a regulatory filing.
 Resurgent Power is a joint venture of ICICI Bank and Tata Power, while PPGCL is a subsidiary of Gaur's Jaiprakash Power Ventures Ltd which has been shedding assets to cut debt. 
 It has sold power projects of about 3,800 MW capacity in the last few years to settle debt of close to Rs 21,000 crore.
 Gaur will not get any money from the sale despite putting in Rs 3,000 crore equity.
 His group had last sold two hydroelectric projects -- 300 MW Baspa Stage-II and 1,091 MW Karcham Wangtoo in Himachal Pradesh -- to Sajjan Jindal-controlled JSW Energy Ltd for Rs 9,700 crore in cash.
 After these sales, Jaiprakash Power Ventures has three more power plants with 2,200 MW electricity generation capacity.
 PPGCL had a total debt of Rs 11,000 crore and Renascent has agreed to takeover Rs 6,000 crore.
 "Renascent Power Ventures Pvt Ltd (Renascent) has today acquired 75.01 per cent equity stake and 27,00,00,000 preference shares of Rs 10 each of Prayagraj Power Generation Co Ltd," Tata Power said in the regulatory filing.
 The remaining 25 per cent interest in the project is held by Jaiprakash Associates Ltd and banks.
 Tata Power holds 26 per cent stake in Resurgent Power, the joint venture based out of Singapore, through its wholly-owned Singapore-based subsidiary Tata Power International Pte. 
 The balance 74 per cent stake in Resurgent is held by ICICI Bank, Power Platform Ltd and Kuwait Investment Authority.
 The coal-fired power plant currently operates at 62 per cent of capacity or plant load factor (PLF). 
 It was won by Jaypee Group through competitive bidding, quoting a tariff of Rs 3.06 per unit.
 A case for reduction in electricity tariff was made because of reduction in the debt, but the Appellate Tribunal For Electricity (APTEL) didn't allow it in September order.
 Gaur has taken a hit of Rs 3,000 crore on sale of the power plant. MJH ANZ RVK

Tata Power-ICICI Bank JV acquires Manoj Gaur's Prayagraj power project

New Delhi, Mar 5 () The Rs 750-crore deposited by Jaypee Infratech's (JIL) parent firm Jaiprakash Associates with the Supreme Court registry was a payment towards obligation of the debt-ridden firm and should be treated as the asset of the corporate debtor, the NCLT has observed while approving the bid of NBCC for JIL. The NCLT Delhi bench on Tuesday approved the bid of state-owned NBCC to acquire debt-laden JIL through an insolvency process and complete around 20,000 pending flats over the next three and half years.The court also ordered that the Rs 750 crore deposited by Jaypee Infratech's parent firm Jaiprakash Associates Ltd (JAL) with the registry of the Supreme Court would be part of the resolution plan. In the written order uploaded on its website on Thursday, the NCLT said that as JAL is not under further obligation to complete construction of homes, and it cannot be assumed that if this money returned then it would be utilised to settle the debt of creditors of Jaypee Infratech Ltd (JIL). "Since JAL is not under further obligation to complete construction of homes, there is no occasion to assume that if this money go back to JAL, it would be utilised for the cause of the creditors of the corporate debtor, in view of thereof, we hereby dispose all CAs related to Rs 750 crore issue by holding that this money is to be treated as the asset of the corporate debtor," the NCLT order said. "Though it has not been explicitly explained that JAL paid on behalf of JIL, the matter pending before the Supreme Court being with regard to homebuyers of JIL, when money was asked to be deposited towards refund of JIL homebuyers and the same being paid by JAL, now it is not open to JAL to say that it is JAL's money," it said.NCLT also rejected the submissions that Rs 750 crore has not gone into the books of JIL, therefore it cannot be treated as the assets of JIL."Since JAL has without any objection or condition paid to the home buyers of JIL on behalf of JIL, it has to be treated that the payments is towards the obligation of JIL," said NCLT in its 115-page-long order.According to NCLT, In this case, the homebuyer's money has been lying with the corporate debtor and JAL, it is the admitted fact that money come from the homebuyers has gone to JAL in the name of construction."It is not the case of the JAL that JIL money has not come for construction. Moreover JAL, by the time it has desposited, was aware that it was depoisting that money towards the obligation owned to JIL homebuyers," the order saod."Here there could not be any assumption or presumption to say that JAL depoisted this money before the Supreme Court with an assumption that it would come back to it in the event this money has not been utilised for the distribution of it to the homebuyers of JIL," it said."As long as the Supreme Court has not stated that this money has to be returned to JAL, it has to be construed that Supreme Court has conciously retained the money within the custody of it and thereafter transferred this money to NCLT with a direction that the parties shall abide by the directions of NCLT," said NCLT adding " Had the Supreme Court has felt that it should go back to JAL, the Supreme Court would have returned it to JAL, but but has not been done."NCLT further said: "Whenever any payment is made towards any liability, it has to be treated as a payment made towards that liability. It does not matter who paid the money, it matters as whether it has been paid towards an obligation or not."Jaypee Infratech went into insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium.NBCC's proposal was approved by the lenders in the third round of bidding process to find a buyer for Jaypee Infratech.In its bid, NBCC had proposed to complete over 20,000 pending flats in housing projects launched by Jaypee Infratech in Noida and Greater Noida (Uttar Pradesh).Homebuyers' claim amounting to Rs 13,364 crore and lenders' claim worth Rs 9,783 crore were admitted.NBCC offered 1,526 acres of land to lenders under a land-debt swap deal. KRH MRMR

Rs 750 cr paid by JAL was towards obligation of Jaypee Infratech: NCLT

New Delhi, Dec 5 () JSW Infrastructure on Thursday said it has reached an understanding with Suraksha Realty to provide financial and technical support to the Mumbai-based company which has submitted the final offer to acquire debt-ridden Jaypee Infratech. 
 JSW Infra said it has issued a letter of support to Suraksha Realty to give financial, strategic and technical assistance in the delivery of pending flats to Jaypee homebuyers within the timeframe.
 Suraksha Realty and state-run NBCC on Tuesday submitted their final bids to acquire bankrupt realtor Jaypee Infratech through the insolvency process.
 Media reports had suggested that Suraksha Realty was in discussions with JSW group for technical and operational support to complete pending housing projects of Jaypee Infratech.
 "We see Suraksha Realty's plan as best placed in ensuring rightful resolution for the homebuyers. We will step in with necessary financial, strategic support and technical expertise to assist Suraksha Realty in delivering the pending flats to homebuyers within the stipulated timeline," JSW Infrastructure CFO Lalit Singhvi told .
 Singhvi stated that the homebuyers of Jaypee Infratech would benefit greatly if Suraksha Realty's resolution plan gets the highest number of votes. 
 Both NBCC and Suraksha Realty have offered more land parcels to lenders in their final bids. Lenders had asked both the suitors to sweeten their resolution plans and submit their bids by December 3. 
 This is the third round of bidding process for the resolution of debt-ridden Jaypee Infratech -- a subsidiary of Jaiprakash Associates Ltd (JAL).
 NBCC in its final bid has offered 1,526 acres of land to lenders as against its earlier proposal of 1,426 acres. For homebuyers, it has reduced the deadline for the completion of over 20,000 flats to three-and-a-half years from the earlier four years. 
As sought by the lenders, NBCC has withdrawn its earlier two offers -- 50 per cent share in profit on sale of unclaimed flats and 75 per cent of 858 acre land parcels, which has been pledged by the promoter JAL and currently under litigation.
For lenders, the public sector firm has proposed to increase concession agreement by 10 years on Yamuna Expressway, which it has proposed to transfer it to bankers. However, NBCC has proposed to take Rs 2,500 crore debt against toll income of the expressway, which connects Noida and Agra, for completion of pending flats.
On the other hand, Suraksha Realty has also sweetened its resolution plan, by offering 2,220 acres of land worth Rs 9,800 crore under the land-debt swap deal. Earlier, it had offered 1,934 acres of land worth Rs 7,857 crore. This will cover the entire claim of lenders which is Rs 9,800 crore.
It has increased upfront cash payment to lenders to Rs 175 crore from Rs 25 crore earlier.
For homebuyers, Suraksha Realty has now set aside Rs 250 crore worth land as against land parcels worth Rs 100 crore earmarked earlier. 
Further, it has promised to provide additional land parcels worth Rs 250 crore to homebuyers, if 858 acre land under the litigation comes back to Jaypee Infratech. 
Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium. SID MR

JSW Infra lends support to Suraksha Realty in turnaround of Jaypee Infratech

New Delhi, Dec 3 () State-owned NBCC Ltd and Mumbai-based Suraksha Realty on Tuesday offered more land parcels to lenders in their final bids to acquire bankrupt realtor Jaypee Infratech through insolvency process, sources said. 
Lenders had asked both the suitors to sweeten their resolution plans and submit their bids by December 3. This is the third round of bidding process for resolution of debt-ridden Jaypee Infratech, which is a subsidiary of Jaiprakash Associates Ltd (JAL).
According to sources, Suraksha Realty is in discussions with JSW group for technical and operational support to complete pending housing projects of Jaypee Infratech. 
NBCC in its final bid has offered 1,526 acres of land to lenders as against its earlier proposal of 1,426 acres. For homebuyers, it has reduced the deadline for the completion of over 20,000 flats to three-and-a-half years from the earlier four years. 
As sought by the lenders, NBCC has withdrawn its earlier two offers -- 50 per cent share in profit on sale of unclaimed flats and 75 per cent of 858 acre land parcels, which has been pledged by the promoter JAL and currently under litigation.
For lenders, the public sector firm has proposed to increase concession agreement by 10 years on Yamuna Expressway, which it has proposed to transfer it to bankers. However, NBCC has proposed to take Rs 2,500 crore debt against toll income of the expressway, which connects Noida and Agra, for completion of pending flats.
On the other hand, Suraksha Realty has also sweetened its resolution plan, by offering 2,220 acres of land worth Rs 9,800 crore under the land-debt swap deal. Earlier, it had offered 1,934 acres of land worth Rs 7,857 crore. This will cover the entire claim of lenders which is Rs 9,800 crore.
It has increased upfront cash payment to lenders to Rs 175 crore from Rs 25 crore earlier.
For homebuyers, Suraksha Realty has now set aside Rs 250 crore worth land as against land parcels worth Rs 100 crore earmarked earlier. 
Further, it has promised to provide additional land parcels worth Rs 250 crore to homebuyers, if 858 acre land under the litigation comes back to Jaypee Infratech. 
Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
Anuj Jain was appointed as an interim resolution professional (IRP) to conduct insolvency process and also manage the affairs of the company.
In the first round of insolvency proceedings conducted last year, Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders.
The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then the Supreme Court.
On November 6, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty.
As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have nearly 60 per cent votes. For a bid to be approved, 66 per cent votes are required. Homebuyers claim amounting to over Rs 13,000 crore has been admitted. MJH MKJ

Jaypee Infra insolvency: NBCC, Suraksha Realty offer more land in final bids

New Delhi, Dec 2 () Mumbai-based Suraksha Realty, which is in the race with state-owned NBCC to acquire bankrupt Jaypee Infratech, is likely to offer additional cash and land to lenders, and higher delay penalty compensation to homebuyers to make its final resolution more lucrative for financial creditors, sources said.
 NBCC Ltd is also actively considering offering more land to lenders and reduce timeline for completion of about 20,000 flats.
 In the last meeting of the committee of creditors (CoC) held on November 28, lenders asked NBCC and Suraksha Realty to make a final offer by next Tuesday (December 3) after revising their earlier bids.
 According to sources, Suraksha Realty is likely to increase the upfront payment to lenders from its current offer of Rs 25 crore. Under the land-debt swap deal, the company is considering to increase the offer of land parcels in value terms. Currently, it has offered 1,934 acres of land worth Rs 7,800 crore.
 For homebuyers, Suraksha Realty is looking to set aside more land for payment of delay compensation as against its current proposal to earmark land worth Rs 100 crore for this purpose.
 The company has proposed to bring in Rs 2,000 crore as working capital to complete construction in the next three years and will retain the Yamuna Expressway with itself.
 On Sunday, sources had said NBCC in the final bid could withdraw its offer related to unclaimed flats and pledged land. In lieu of these two offers, it might provide more land parcels, over and above 1,426 acre offered in its latest resolution plan.
 NBCC is also considering to reduce the timeline to complete pending projects from its current offer of giving possessions in four years.
 To settle an outstanding claim of nearly Rs 9,800 crore to bankers, NBCC in its bid submitted last month offered 1,426 acre land worth Rs 5,000 crore. That apart, it offered 75 per cent of 858 acre land, which has been pledged by promoter Jaiprakash Associates Ltd and now claimed by Jaypee Infratech.
 Moreover, NBCC offered to share 50 per cent of the sale proceeds of unclaimed flats after deducting receivables from earlier buyers and any expenses related to tax, duties and legal.
 Yamuna Expressway, which connects Noida to Agra, will be transferred to lenders, but before that, NBCC has proposed to take Rs 2,500 crore debt against the expressway for completion of pending flats.
 Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
 Anuj Jain was appointed as an interim resolution professional to conduct insolvency process and also manage the affairs of the company.
 In the first round of insolvency proceedings conducted last year, Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
 The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then the Supreme Court.
 On November 6, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty.
 As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have nearly 60 per cent votes. For a bid to be approved, 66 per cent votes are required. Homebuyers claim amounting to over Rs 13,000 crore has been admitted. MJH HRS

Jaypee Infra case: Suraksha may offer more cash & land to lenders, higher penalty to buyers

New Delhi, Dec 1 () State-owned NBCC Ltd is likely to offer more land to lenders and reduce timeline for completion of about 20,000 flats in its final bid to acquire bankrupt realty firm Jaypee Infratech, sources said.
NBCC is considering to give additional land to lenders in lieu of its offer to provide profit share in unclaimed flats and some land parcel, which is pledged as well as under litigation, they added.
For homebuyers, NBCC is looking to reduce the deadline for completing pending flats from four years timeline proposed in the bid submitted on November 17.
In the last meeting of the Committee of Creditors (CoC) held on November 28, lenders asked NBBC and Suraksha Realty to make a final offer by next Tuesday (December 3) after revising their earlier bids by removing impediments and making it more lucrative for homebuyers as well as banks.
Lenders had asked the NBCC to provide more land with clear title in lieu of its current offer of over 600 acres land that is under litigation and some unclaimed flats. Also, they wanted complete Yammu Expressway Project without any debt obligation.
To settle an outstanding claim of nearly Rs 9,800 crore to bankers, NBCC, in its bid submitted last month, offered 1,426 acre land worth Rs 5,000 crore.
That apart, it offered 75 per cent of 858 acre land, which has been pledged by promoter Jaiprakash Associates Ltd and now claimed by Jaypee Infratech.
Moreover, NBCC offered to share 50 per cent of the sale proceeds of unclaimed flats after deducting receivables from earlier buyers and any expenses related to tax/duties/legal.
Yamuna Expressway, which connects Noida to Agra, will be transferred to lenders, but before that NBCC has proposed to take Rs 2,500 crore debt against the expressway for completion of pending flats.
The sources said that NBCC in the final bid could withdraw its offer related to unclaimed flats and pledged land. In lieu of these two offers, it might provide more land parcels, over and above 1,426 acre offered in its latest resolution plan.
Not only NBCC, Mumbai-based Suraksha Realty was also told to increase the upfront payment to lenders from the existing offer of mere Rs 25 crore.
Suraksha Realty has offered 1,934 acres worth Rs 7,857 crore to lenders. It has proposed to bring in Rs 2,000 crore as working capital to complete construction in the next three years and will retain the Yamuna Expressway with itself. The Mumbai-based developer has proposed to complete flats in the next three years.
Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
Anuj Jain was appointed as an Interim Resolution Professional to conduct insolvency process and also manage the affairs of the company.
In the first round of insolvency proceedings conducted last year, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then the apex court.
On November 6, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty.
As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have nearly 60 per cent votes. For a bid to be approved, 66 per cent votes are required. Homebuyers claim amounting to over Rs 13,000 crore has been admitted. MJH BAL
BAL

Jaypee Infra case: NBCC may offer more land to lenders, cut deadline to complete flats in final bid

New Delhi, Nov 28 () Lenders of <keyword id="6367819" type="ORGANIZATION" weightage="20" keywordseo="jaypee-infratech">Jaypee Infratech</keyword> on Thursday asked state-owned <keyword id="159757" type="COMPANY" weightage="20" keywordseo="NBCC">NBCC</keyword> Ltd to offer more land with clear title and debt-free Yamuna Expressway, while homebuyers want compensation for huge delay in completion of flats, sources said. NBCC and Mumbai-based <keyword id="599049" type="ORGANIZATION" weightage="20" keywordseo="Suraksha-Realty">Suraksha Realty</keyword> are in race to acquire Jaypee Infratech through insolvency proceedings. They submitted fresh bids on November 17 as per direction of the Supreme Court. A meeting of Committee of Creditors (CoC) was held here to negotiate with the two contenders. In the meeting, sources said bankers sought many clarifications from NBCC on its resolution plan and asked it to sweeten the bid.
 To settle an outstanding claim of nearly Rs 9,800 crore to bankers, NBCC has offered 1,426 acre land worth Rs 5,000 crore.
 That apart, it has offered 75 per cent of 858 acre land, which has been pledged by promoter Jaiprakash Associates Ltd and is likely to be transferred back to Jaypee Infratech.
 Moreover, NBCC will share 50 per cent of the sale proceeds of benami or unclaimed flats. From the sale proceeds, receivables from earlier buyers and any expenses related to tax/duties/ legal will be deducted.
 Yamuna Expressway, which connects Noida to Agra, will be transferred to lenders, but before that NBCC has proposed to take Rs 2,500 crore debt against the expressway for completion of over 20,000 flats in the next four years.
 During the meeting, bankers asked NBCC to provide more land with clear title and withdraw its offer related to benami flats and pledged land, the sources said.
 Lenders also asked that the expressway should be transferred to them without any debt obligation, they added.
 The NBCC official told bankers that their demand will be communicated to the top management.
 However, the NBCC official asserted that the public sector has already met all previous demands of lenders made in May, including the increase in land-debt swap deal to 1,426 acre from 950 acre.
 NBCC board could meet tomorrow to discuss the demand and finalise its resolution plan. The deadline for submission of final bid is December 3.
 Homebuyers representative demanded that delay compensation should be paid to home buyers as promised by Jaypee Infratech. The compensation for future delays should be as per realty law RERA.
 Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
 Anuj Jain was appointed as an Interim Resolution Professional to conduct insolvency process and also manage the affairs of the company.
 In the first round of insolvency proceedings conducted last year, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
 The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then the apex court.
 On November 6, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty.
 As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have nearly 60 per cent votes. For a bid to be approved, 66 per cent votes are required. Homebuyers claim amounting to over Rs 13,000 crore has been admitted.
 Meanwhile, Suraksha Realty has offered 1,934 acres worth Rs 7,857 crore to lenders. It has proposed to bring in Rs 2,000 crore as working capital to complete construction in the next three years and will retain the Yamuna Expressway with itself.
 The Mumbai-based developer has proposed to complete flats in the next three years. MJH BAL

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