Jaiprakash Associates bids: Jindal Power, Adani Ent, Dalmia in fray

Bidders including Adani Enterprises, Jindal Power, Dalmia Cement are likely to submit their resolution plans for beleaguered Jaiprakash Associates Limited (JAL), according to people close to the development. 

 

The total claims of creditors in Jaiprakash Associates, currently undergoing a corporate insolvency resolution process amount to over Rs 59,000 crore.

 

The last date of submitting the resolution plan is June 9. The Committee of Creditors of JAL is expected to meet on Friday to discuss whether they should agree to extend the last date for submitting resolution plans, as requested by some of the bidders, sources said. 

  The provisional list of prospective resolution applicants included 26 entities who had submitted their expression of interest in the corporate insolvency resolution process of JAL. 

 

JAL, the flagship company of Jaypee Group, a domestic conglomerate with diverse business interests was admitted into insolvency on June 3, 2024. 

 

The bids for JAL provide acquisition opportunities across businesses in real estate, hospitality, cement, engineering and construction. 

 

While many experts feel that the recent circular by Insolvency and Bankruptcy Board of India (IBBI) allowing part resolution and bids for specific assets would lead to value maximisation for a company like JAL, the CoC is going to first invite bids for the group company as a whole.