JAL insolvency: Five firms submit bids to acquire bankrupt firm

In a regulatory submitting, Jaiprakash Associates Ltd (JAL) knowledgeable that it has obtained 5 decision plans.

“… In response to the request for decision plan issued within the corporate insolvency resolution process of JAL, the decision skilled has obtained 5 decision plans together with earnest cash, until the submission date,” the regulatory submitting stated.

JAL, nonetheless, didn’t point out the names of the businesses which have submitted the decision plans.

In response to sources, Billionaire Gautam Adani Group agency Adani Enterprises, mining mogul Anil Agarwal’s Vedanta, Dalmia Bharat Cement, Jindal Power and PNC Infratech are the 5 corporations.

Decision plan of Jaypee Infratech, which was earlier acquired by Suraksha Group, is believed to have been rejected because it didn’t fulfill sure standards, sources stated. Lenders of Jaiprakash Associates Ltd (JAL) met on Wednesday to open the bids submitted by the events. The final date was June 24. In April, as many as 25 corporations confirmed curiosity to amass JAL.

JAL, which has enterprise pursuits spanning actual property, cement manufacturing, hospitality, and engineering & building, was admitted into the Company Insolvency Decision Course of (CIRP) by way of the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024.

JAL was taken to insolvency proceedings after the conglomerate defaulted on fee of loans.

Collectors are claiming a staggering Rs 57,185 crore.

The Nationwide Asset Reconstruction Firm Ltd (NARCL) leads the listing of claimants after buying the burdened JAL loans from a consortium of lenders headed by the State Bank of India (SBI).

JAL has main actual property tasks like Jaypee Greens in Better Noida, part of Jaypee Greens Wishtown in Noida (each on the outskirts of the nationwide capital), and the Jaypee Worldwide Sports activities Metropolis, strategically positioned close to the upcoming Jewar Worldwide Airport.

It additionally has three business/industrial workplace areas in Delhi-NCR, whereas its lodge division has 5 properties in Delhi-NCR, Mussoorie, and Agra.

JAL has 4 cement vegetation in Madhya Pradesh and Uttar Pradesh, and some leased limestone mines in Madhya Pradesh. The cement vegetation, nonetheless, are non-operational.

It additionally has investments in subsidiaries, together with Jaiprakash Energy Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Growth Ltd and a number of other different corporations.

Jaypee Group’s Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group by way of an insolvency course of. Suraksha Group has to finish varied stalled tasks comprising round 20,000 residences in Noida and Better Noida.