Voting Underway on Resolution Plans for Jaiprakash Associates: Vedanta and Adani Leading the Bids

Jaiprakash Associates Ltd (JAL) resolution plan is witnessing a progress as voting by all 5 bidder is in going on as per news reports. The proposals from the Vedanta Group, Adani Group, Dalmia Bharat Group, Jindal Power, and PNC Infratech are being reviewed by the Committee of Creditors (CoC), led by the National Asset Reconstruction Company Ltd (NARCL).

The voting window will remain open until November 20 as per the news reports. However, the CoC may consider extending the deadline if lenders require additional time to thoroughly evaluate the competing proposals.

Vedanta and Adani Lead the Bidding Race

Among the 5 contenders, Vedanta Group has reportedly made the highest overall offer at around ₹16,000 crore, comprising an upfront payment of ₹3,770 crore and an additional ₹13,000 crore spread over 5 years

In comparison, Adani Group has proposed ₹13,500 crore, including ₹6,005 crore upfront and ₹6,726 crore payable after two years.

Smaller Bids from Other Contenders

The remaining three bidders have submitted comparatively modest offers:

• Dalmia Bharat Group – approximately ₹11,600 crore
• PNC Infratech – around ₹11,500 crore
• Jindal Power – about ₹6,700 crore

Once a major player in India’s infrastructure and real estate sectors, Jaiprakash Associates is now undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). The company faces admitted claims totaling ₹57,185 crore from financial and operational creditors, with NARCL acting as the lead claimant.

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JAL’s asset base spans cement manufacturing units, real estate developments, and infrastructure projects such as toll roads and power plants. One of its most high-profile projects, the Noida Sports City, envisioned as a landmark urban township, has become embroiled in legal and financial uncertainty.

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