Jaiprakash Associates Ltd announced that it has received five bids along with earnest money for the acquisition of the company in its entirety. In a regulatory filing, the company said, “…we wish to inform you that in response to the request for resolution plan issued in the corporate insolvency resolution process of Jaiprakash Associates Limited (RFRP), the resolution professional has received five (5) resolution plans along with earnest money, till the submission date prescribed under the RFRP.”
Who are the bidding companies?
The infrastructure and real estate firm did not mention the names of the companies which have submitted the resolution plans.
However, sources told ETNow that Adani Enterprises, Vedanta, Dalmia Bharat Cement, Jindal Power and PNC Infratech are the five companies that made the bids. It further stated that the resolution plan of Jaypee Infratech, which was earlier acquired by Suraksha Group, is believed to have been rejected as it did not fulfill certain criteria.
On Wednesday, the lenders of Jaiprakash Associates met to open the bids submitted by the interested parties.
Earlier in April, as many as 25 companies had shown interest to acquire JAL.
Loan default
JAL has business ranging from real estate, cement manufacturing, hospitality, and engineering & construction. It was admitted into the Corporate Insolvency Resolution Process (CIRP) through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024.
The company, per the ETNow report, was taken to insolvency proceedings after it defaulted on payment of loans that ranged up to Rs 57,185 crore.