Jaiprakash Associates’s (JAL) committee of creditors (CoC) is set to meet on July 1 to discuss resolution plans, according to a statement filed by the company on the National Stock Exchange (NSE) on Monday. JAL, which is currently undergoing insolvency, has received resolution plans from five corporates, including Adani Group, Vedanta, Dalmia Bharat Cement, Jindal Power and PNC Infratech, along with earnest money for the acquisition of the company, PTI reported, citing sources.
“..., this is to inform you that the Sixteenth meeting of the Committee of Creditors of the Company will be held on 1st July 2025,” said the company in a statement.
The number of bidders for the insolvent company has narrowed from nearly 25 suitors, who initially showed an interest in the month of April.
Background of JAL Insolvency
JAL, which has a business across different segments like real estate, cement manufacturing, hospitality and engineering & construction, was admitted into the Corporate Insolvency Resolution Process (CIRP) in 2024 after it defaulted on payments of loans. The conglomerate’s creditors are claiming an amount worth Rs 57,185 crore. Presently, the National Asset Reconstruction Company (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders led by the State Bank of India (SBI).
How big is JAL?
JAL has attracted giants like billionaire Gautam Adani-led Adani Group and mining mogul Anil Agarwal’s Vedanta, particularly due to its strategic importance in the Delhi-NCR region. The insolvent conglomerate has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida, and Jaypee International Sports City. It has three commercial/industrial office spaces in Delhi-NCR and its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra.
Additionally, it has four cement plants in Madhya Pradesh and Uttar Pradesh and a few leased limestone mines in Madhya Pradesh. Presently, cement plants are non-operational. Besides this, the conglomerate has several subsidiaries, including Jaiprakash Power Ventures, Yamuna Expressway Tolling, Jaypee Infrastructure Development and several other companies
