Adani, Patanjali, Vedanta in Race to Revive JAL: Check Full List of Final Bidders

Jaiprakash Associates’ insolvency process sees major progress as the Resolution Professional shortlists 25 final bidders, including heavyweights like Adani Enterprises, Dalmia Cement, and Patanjali Ayurveda. ARC India, part of the provisional list, is no longer in the running.

25 Final Bidders Announced in JAL Insolvency Process

The corporate insolvency process for Jaiprakash Associates Limited (JAL), a major infrastructure company burdened with debt, has taken a crucial step forward. The Resolution Professional (RP), supported by Deloitte India Insolvency Professionals LLP, has officially released a final list of 25 eligible Prospective Resolution Applicants (PRAs). This list follows an initial round of Expressions of Interest (EoIs) submitted by 26 interested entities.

Key industry players making it to the final shortlist include:

• Adani Enterprises Limited

• Dalmia Cement (Bharat) Limited

• GMR Business & Consultancy LLP

• Oberoi Realty Limited

• Patanjali Ayurveda Limited

• Torrent Power Limited

• Vedanta Limited

ARC India, which was included in the provisional list, did not make the final cut.

Resolution Plans to Be Submitted by Shortlisted Bidders

This progress follows the National Company Law Appellate Tribunal (NCLAT)’s decision last year, which upheld NCLT’s order to initiate insolvency proceedings against JAL. The case was brought forward by ICICI Bank, one of the company’s key creditors.

The participation of companies across sectors like cement, infrastructure, real estate, and power suggests a strong interest in JAL’s assets and future prospects.

The next phase in the resolution process involves the submission of detailed resolution plans by the shortlisted PRAs, outlining their respective strategies for reviving the struggling company.

Share Price Performance

Jaiprakash Associates share price was trading at ₹3.51 at 9:35 AM on the NSE, marking a decline of 5.14% or ₹0.19 from the previous close of ₹3.70. The stock opened at ₹3.51 and has so far remained flat, with both the high and low of the day matching the opening price.

Conclusion

The shortlisting of prominent firms like Adani, Vedanta, and Patanjali signals significant market confidence in JAL’s turnaround potential. With resolution plans now on the horizon, the coming months will be crucial in determining the fate of this high-profile insolvency case.

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