Bidders file fresh JAL plans as CoC weighs challenge round decision

Bidders have revised plans for Jaiprakash Associates after lender talks, but key legal hurdles remain as CoC weighs whether to renegotiate or hold a challenge round

The five resolution applicants for insolvent firm Jaiprakash Associates Limited (JAL) have submitted revised plans after a round of negotiations with lenders, who asked them to do away with conditionalities in their proposals, according to people in the know.

 

The committee of creditors (CoC) is likely to decide whether to discuss the commercials of the plans again with the bidders or go for a challenge round where all applicants would bid for the company in real time on Monday, sources said.

 

The revised plans, however, sources said, are only slightly different from the original for most bidders with certain conditionalities