JAL's lenders ask bidders to submit revised plans without conditions

Jaiprakash Associates' creditors have instructed bidders to submit revised resolution plans without conditions and provide a definitive bid offer

Lenders to Jaiprakash Associates (JAL) have asked five bidders for the bankrupt company to submit within a week revised resolution plans that don’t put conditions and give definitive numbers in their offers, people aware of the development said.

 

A committee of Creditors (CoC) separately met with the bidders — Adani Group, Dalmia Group, Vedanta Group, Jindal Steel & Power, (JSPL), and PNC Infratech — on Wednesday and Thursday to study the commercial and legal aspects of their plans. Barring Adani, almost all the other bidders have submitted offers with conditions.

 

“CoC has said that there are a lot of guardrails