On August 26, the Competition Commission of India (CCI) granted in-principle approval to the Adani Group for acquiring debt-laden Jaiprakash Associates Ltd (JAL), subject to winning the bid under the ongoing insolvency proceedings. As per the announcement, Adani Enterprises Ltd (AEL) and Adani Infrastructure and Developers Pvt Ltd (AIDPL), or any other Adani Group entity, may acquire up to 100% stake in JAL.
Following a recent Supreme Court interpretation of the Insolvency and Bankruptcy Code (IBC), companies are now required to obtain CCI approval before their resolution plans can be voted on by the Committee of Creditors (CoC). The CoC of JAL is still evaluating the resolution plans received, and voting will take place soon.
Alongside Adani, Dalmia Bharat’s proposal has also received CCI clearance. Other contenders like Vedanta Group, Jindal Power, and PNC Infratech have also approached CCI for approval to submit their respective bids.
JAL entered insolvency proceedings on June 3, 2024, after defaulting on massive loan repayments, with creditors claiming ₹57,185 crore. Its assets include major real estate projects, hotels, office spaces, non-operational cement plants, and investments in several subsidiaries. Jaypee Infratech, a group company, was previously acquired by the Suraksha Group.
+ There are no comments
Add yours