These players including Adani and Vedanta bid for the sinking company!:

News Topical, Digital Desk : The race to acquire Jaiprakash Associates (JAL), the flagship company of the crisis-hit Jaypee Group, has now reached the decisive stage. In fact, the deadline for submitting resolution plans has expired. According to sources, at least 6 bids have been received during this period, including prominent names like Adani Enterprises , Vedanta Group , Dalmia Bharat, Jaypee Infratech (Suraksha Group), Jindal Group (Naveen Jindal) and PNC Infratech.

Lenders are expected to open and evaluate the bids in the Committee of Creditors (CoC) meeting to be held today. However, the final bidding value is not yet known. But sources said that the National Asset Reconstruction Company Limited (NARCL)'s Rs 12,000 crore offer to acquire Jaiprakash Associates' loans could serve as a benchmark for bidders.

How much debt does JAL have? The recent development is an important milestone in the long-running bankruptcy case. Jaiprakash Associates was first included by the Reserve Bank of India (RBI) in its second list of big defaulters in 2017, which was to be proceeded against under the Insolvency and Bankruptcy Code (IBC). It is one of the most prominent cases under the IBC due to its vast empire spanning cement, real estate, power, hospitality and infrastructure. However, delays in admission and legal complexities kept the process stalled for years. Subsequently, in June 2024, the Allahabad Bench of the National Company Law Tribunal (NCLT) formally admitted JAL into bankruptcy proceedings and appointed Bhuvan Madan as Interim Resolution Professional (IRP). JAL owes Rs 57,185 crore to lenders (banks or other financial institutions) led by NARCL.

Why is this resolution necessary? 25 companies had shown interest in buying Jaiprakash Associates. These included big investors like Oaktree Capital, J.C. Flowers ARC and Kotak Alternate Asset Managers as well as players like Oberoi Realty, Torrent Power, Patanjali Ayurveda and Authum Investments. All eyes are on JAL's resolution as it can help in getting significant value from the group's stuck assets. It holds a lot of significance for many stalled infrastructure projects, especially the Yamuna Expressway and the real estate corridor.