Jaiprakash Associates Insolvency: Final Bids Invited with June 9 Deadline

Jaiprakash Associates Ltd (JAL), currently undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC), has invited final resolution plans, according to a report by CNBC-TV18. The insolvency resolution professional (IRP), Bhuvan Madan, has asked shortlisted bidders to submit their final proposals by June 9, 2025.

26 EOIs Received, 25 Shortlisted

The process began with the submission of 26 Expressions of Interest (EOIs) from various companies looking to acquire JAL. These included major names such as Adani Enterprises, Vedanta Ltd, Dalmia Cement, and others. However, Asset Reconstruction Company (India) Ltd, which had initially submitted an EOI, does not appear in the final list of 25 provisional resolution applicants released by the company.

List of Shortlisted Applicants

Among those still in the running are:

• Adani Enterprises Ltd
• Vedanta Ltd
• Dalmia Cement (Bharat) Ltd
• Patanjali Ayurveda Ltd
• Torrent Power Ltd
• J.C. Flowers Asset Reconstruction Pvt Ltd
• Kotak Alternate Asset Managers Ltd
• Oberoi Realty Ltd
• Jindal Power Ltd
• Jaypee Infratech Ltd
• India Opportunities XII Investments Pte. Ltd (Oaktree)
• Authum Investment & Infrastructure Ltd
• Winro Commercial (India) Ltd & Parakh Advisors Pvt Ltd (Consortium)
• Other firms across the infrastructure, investment, cement, and real estate sectors

Company Background and Debt

Jaiprakash Associates is the flagship company of the Jaypee Group. It has interests in sectors such as cement production, real estate, engineering, construction, and hospitality. Due to long-standing financial distress, the company entered the IBC process. Total admitted claims stand at ₹57,185 crore.

The National Asset Reconstruction Company Ltd (NARCL) now holds a significant portion of these loans, having acquired them from a consortium led by the State Bank of India (SBI).

Read more: Jaiprakash Associates’ Debt Transferred to NARCL by Lender Consortium

What Lies Ahead?

The IRP is expected to evaluate the final resolution plans following the June 9, 2025, deadline. Further developments will depend on the proposals received and their compliance with the requirements laid out in the IBC process.

Conclusion

The insolvency resolution process for Jaiprakash Associates is now focused on the final bidding round, which will determine the future course of the company’s ownership and asset management.

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