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Adani, Vedanta, Jindal Steel Among Top Bidders for Jaiprakash Associates' Rs57,000 Cr Insolvency Resolution

Adani Group, Vedanta, Jindal Steel and Power (JSPL), Suraksha Group, Dalmia Bharat, and PNC Infratech have submitted resolution plans to acquire the entire business of debt-laden Jaiprakash Associates (JAL), facing insolvency proceedings under the IBC with admitted claims exceeding Rs57,185 crore. The flagship firm of the Jaypee Group owns high-value assets across cement, real estate, hospitality, and sports, including Jaypee Greens, Wishtown, Sports City near Jewar Airport, and several hotel and cement properties.

The resolution plans were submitted by June 11 and opened the following day for evaluation by the Committee of Creditors (CoC), which includes the National Asset Reconstruction Company (NARCL) holding 90% of the debt. The CoC will negotiate terms with bidders and must approve a plan with a 66% majority before submission to the NCLT.

This high-stakes case follows JAL’s admission into insolvency by the NCLT Allahabad Bench on June 3, 2024, following petitions by ICICI Bank and SBI. While Kotak and Oberoi Realty had shown early interest, they did not bid. Final selection of the winning bidder is expected in the coming weeks.