Major Indian conglomerates have submitted revised bids to acquire the insolvent firm Jaiprakash Associates (JAL).
The development comes after the creditors were left puzzled due to mismatch in the nature of the proposals submitted by various bidders.
Adani, Dalmia and Others Revise Bids to Acquire JP Associates; Here’s Why
The revised plan, however, is reportedly only marginally different from previous proposals, with some conditions still attached
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Indian giants, including the Adani Group, Dalmia Group, Vedanta Group, Jindal Power and PNC Infratech have submitted their revised bids to acquire the insolvent firm JaiPrakash Associates (JAL). The revised bids have come after the committee of creditors (CoC) for the debt-ridden firm had asked the bidders to submit proposals without conditions, the Business Standard reported.
The revised plan, however, is reportedly only marginally different from previous proposals, with some conditions still attached. The lenders are yet to decide whether they would discuss the commercial plans with the bidders again or go for a challenge round where all interested giants would bid for the debt-ridden firm in real time on August 18.
The development comes after lenders, including Axis Bank, and State Bank of India, were left puzzled due to mismatches in the nature of the proposals submitted by various bidders. While the Adani Group had submitted an unconditional bid to acquire JAL, others in the stake sale race had proposed conditional bids, depending on the outcome of the legal case surrounding Jaiprakash’s 1,000-hectare Sports City project in Greater Noida, the Economic Times had earlier reported. The Supreme Court hasn’t decided on the matter yet. The Yamuna Expressway Industrial Development Authority (YEIDA) had cancelled the land allotment, and the decision was upheld by the Allahabad High Court in March.
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JP Associates entered the insolvency process following an order by the National Company Law Tribunal in June 2024 and appointed Bhuvan Madan as the resolution professional.
Additionally, Adani Group, Dalmia Bharat, and PNC Infratech have sought approval from the Competition Commission of India for their bid to acquire JAL. While the antitrust regulator approved Dalmia Bharat’s proposal on August 5, Adani Group and PNC Infra’s plans are still under consideration.
“The proposed combination envisages 100% acquisition of Jaiprakash Associates Limited (JAL) by Dalmia Cement (Bharat) Limited pursuant to a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016,” CCI had said in a statement.
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