CoC extends Jaiprakash Associates resolution plan deadline to 24 June

Following requests from prospective bidders, the Committee of Creditors for Jaiprakash Associates has extended the resolution plan submission deadline to 24 June 2025

Don't want to miss the best from Business Standard?

The Committee of Creditors (CoC) for Jaiprakash Associates (JAL) has approved an extension for the submission of resolution plans, pushing the deadline to 24 June 2025. The decision was made in response to multiple requests from prospective resolution applicants (PRAs), the company said in a regulatory filing.

 

Previously, under the Invitation for Expression of Interest (IEOI), JAL had set 9 June 2025 as the deadline for PRAs to submit their resolution plans.

 

“Upon requests received from several PRAs for extension of the current deadline of 9 June 2025 for submission of resolution plans, the members of the Committee of Creditors of the Corporate Debtor have approved with the requisite majority the extension of time for submission of Resolution Plans till 24 June 2025,” the company said.

Insolvency proceedings and bidders

JAL, the flagship company of the Jaypee Group, was admitted into the Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT), Allahabad Bench, on 3 June 2024 after defaulting on loan repayments.

 

A total of 25 companies have expressed interest in acquiring JAL. The list of prospective resolution applicants includes prominent names such as Adani Enterprises, Vedanta, and Patanjali Ayurveda.

 

Other applicants include Dalmia Cement (Bharat) Ltd, Torrent Power Ltd, GMR Business & Consultancy LLP, Jaypee Infratech, Jindal Power Ltd, Jindal India Power, Kotak Alternate Asset Managers Ltd, Oberoi Realty, and PNC Infratech.

 

Additional bidders are Authum Investment & Infrastructure; Consortium of Winro Commercial (India) and Parakh Advisors; Dickey Asset Management; India Opportunities XII Investments; J C Flowers Asset Reconstruction; Jaithari Thermal Power; Jakson Ltd; Oriental Structural Engineers; Paschim Sagar Properties; Rashmi Metaliks; Sherisha Technologies; Sigma Corporation (India) Ltd; and Winchain Infrastructures.

Jaypee insolvency timeline

Founded in 1979 by Jaiprakash Gaur, Jaiprakash Associates Limited operates across construction, power, real estate, hospitality, and infrastructure. Its subsidiary, Jaypee Infratech Limited (JIL), developed the Yamuna Expressway and was active in real estate in the National Capital Region before entering CIRP in August 2017 due to loan defaults.

 

After prolonged legal proceedings and a monitoring committee's oversight, the Mumbai-based Suraksha Group emerged as the successful resolution applicant. The National Company Law Appellate Tribunal (NCLAT) approved Suraksha’s plan on 24 May 2024.

 

In early June 2024, Suraksha took control of JIL, appointed a three-member board, and injected ₹125 crore in equity to revive stalled housing projects. By August 2024, it had invested an additional ₹250 crore and secured a ₹3,000 crore loan to continue work on approximately 20,000 incomplete flats.

 

Suraksha Group’s subsidiary now manages JIL under the approved plan, while JAL continues its broader restructuring process.