Jaiprakash Associates IRP invites final bids for company by June 9
Published on 13/05/2025 06:18 PM
Jaiprakash Associates IRP invites final bids for company by June 9A total of 26 suitors had submitted Expressions of Interest (EOIs) to acquire Jaiprakash Associates Ltd (JAL) under the Insolvency and Bankruptcy Code (IBC), including Adani Enterprises, Vedanta Group, Dalmia Cement and others, as first reported by CNBC-TV18 on March 25.By Ritu Singh May 13, 2025, 6:18:35 PM IST (Published)2 Min ReadThe race to acquire Jaiprakash Associates under the bankruptcy route is entering its final lap, with final bids due in early June. Two people directly aware of the matter told CNBC-TV18 that the insolvency resolution professional of the company, Bhuvan Madan, has invited final bids for the debt-ridden conglomerate by June 9.
A total of 26 suitors had submitted Expressions of Interest (EOIs) to acquire Jaiprakash Associates Ltd (JAL) under the Insolvency and Bankruptcy Code (IBC), including Adani Enterprises, Vedanta Group, Dalmia Cement and others, as first reported by CNBC-TV18 on March 25. Out of these 26 suitors, Asset Reconstruction Company (India) Ltd’s name was not included in the final list of provisional resolution applicants released by the company.
Here’s the complete list of 25 prospective resolution applicants:
1. Adani Enterprises Ltd
2. Authum Investment & Infrastructure Ltd
3. Consortium of Winro Commercial (India) Ltd and Parakh Advisors Private Ltd
4. Dalmia Cement (Bharat) Ltd
5. Dickey Asset Management Private Ltd
6. GMR Business & Consultancy LLP
7. India Opportunities XII Investments Pte. Ltd (Oaktree)
8. J.C. Flowers Asset Reconstruction Private Ltd
9. Jaithari Thermal Power Private Ltd
10. Jakson Ltd
11. Jaypee Infratech Ltd
12. Jindal India Power Ltd (formerly Jindal India Thermal Power Ltd)
13. Jindal Power Ltd
14. Kotak Alternate Asset Managers Ltd
15. Oberoi Realty Ltd
16. Oriental Structural Engineers Private Ltd
17. Paschim Sagar Properties Private Ltd
18. Patanjali Ayurveda Ltd
19. PNC Infratech Ltd
20. Rashmi Metaliks Ltd
21. Sherisha Technologies Private Ltd
22. Sigma Corporation (India) Ltd
23. Torrent Power Ltd
24. Vedanta Ltd
25. Winchain Infrastructures Private Ltd
Jaiprakash Associates, a flagship entity of the Jaypee Group, holds diversified assets across real estate, cement manufacturing, hospitality, and engineering & construction. However, financial distress has plagued the conglomerate, with creditors making claims totalling a staggering ₹57,185 crores under the IBC.
The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India (SBI), as CNBC-TV18 had earlier reported.
CNBC-TV18 had earlier reported that while the Expression of Interest (EOI) stage had drawn robust participation, industry insiders suggested the final bidding round will be the true test.
According to banking executives CNBC-TV18 had spoken with, despite the large number of EOIs received, only a select few among the 25 interested parties are expected to submit serious bids come June 9.Continue Reading(Edited by : Ajay Vaishnav)Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!TagsInsolvency and Bankruptcy Code (IBC)Jaiprakash Associates