Adani, Jindal, Patanjali Queue Up To Acquire Jaiprakash Associates
The final approval will be subject to clarifications and additional documents;
Adani, Jindal, Patanjali Queue Up To Acquire Jaiprakash Associates
The final approval will be subject to clarifications and additional documents
Jaiprakash Associates (commonly known as the Jaypee Group) has released a provisional list of 26 eligible Prospective Resolution Applicants (PRAs) under Regulation 36A (10) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
Following the order of the National Company Law Appellate Tribunal (NCLAT), Deloitte India Insolvency Professionals LLP is supporting the process.
The PRAs submitted Expressions of Interest to the company and met the preliminary eligibility criteria.
The prominent companies include Adani Enterprises, Patanjali Ayurveda, Vedanta Limited, Asset Reconstruction Company (India) Limited, Authum Investment & Infrastructure Limited, Dalmia Cement (Bharat) Limited, GMR Business & Consultancy LLP, Jaypee Infratech Limited, Jindal India Power Limited (formerly Jindal India Thermal Power Limited), Jindal Power Limited, Kotak Alternate Asset Managers Limited, Oberoi Realty Limited and Torrent Power Limit.
The final list will be subject to rectification of the concerns, if any, raised by the Resolution Professional and/or his authorized representatives.
In case of non-receipt of the same, the PRA may not make it to the final list.
In 2024, the NCLAT dismissed Jaiprakash Associates' appeal challenging the company's admission into insolvency, affirming the National Company Law Tribunal's (NCLT) 3 June order.
On ICICI Bank’s plea, the tribunal admitted JAL into insolvency.
