Adani, Vedanta, Patanjali among 26 vying for Jaiprakash Associates' assets

JAL was admitted to the Corporate Insolvency Resolution Process (CIRP) through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024

As many as 26 suitors, including Adani Enterprises, Vedanta, Jindal India Power, Kotak Alternate Asset Managers, and Patanjali Ayurveda, among others, have expressed interest in acquiring the assets of the beleaguered Jaiprakash Associates Ltd, according to an exchange filing.

 

Other entities interested in acquiring assets of Jaiprakash Associates include Dalmia Cement, Asset Reconstruction Company (India) Ltd, JC Flowers Asset Reconstruction, Torrent Power, Jindal Power, Authum Investment & Infrastructure, GRM Business and Oberoi Realty, among others.

 

The deadline for submitting expression of interest (EoIs) ended on March 25. The 26 suitors are prospective resolution applicants for Jaiprakash Associates. 

 

Jaiprakash Associates was admitted to the corporate insolvency resolution process (CIRP) through the National Company Law Tribunal (NCLT), Allahabad Bench, via an order dated June 3, 2024. 

 

 

The company was part of a list of 30 companies that were directed by the Reserve Bank of India (RBI) to be referred to the NCLT in August 2017. This was the second list put together by the regulator.

 

Jaypee Infratech, the group’s infrastructure subsidiary, had already featured on the first list of 12 large corporate accounts for immediate insolvency action in June 2017. This list came to be known as “The Dirty Dozen”.

 

Financial creditors to the company have an aggregated claim of ₹57,185 crore against the company. Of this, a consortium of banks headed by State Bank of India (SBI) has transferred their exposure to state-owned National Asset Reconstruction Company Ltd (NARCL). This resulted in NARCL having the largest claim among creditors.

 

Jaiprakash Associates is an industrial conglomerate, whose lines of business include engineering and construction, cement, power, hospitality, real estate, and expressways and highways.