Jaypee Group founder Jaiprakash Gaur has supported the lenders’ decision to select Adani Group as the winner to acquire assets of bankrupt Jaiprakash Associates (JAL).
In a statement, Gaur said the committee of creditors has selected Adani Group as the successful bidder for Jayprakash Associates (JAL) and “we fully respect the decision”. He also expressed confidence that under Gautam Adani’s leadership, the legacy of Jayprakash Associates will be carried forward.
“I have every confidence that under the leadership of Gautam Adani, the legacy of Jaiprakash Associates will be carried forward with renewed energy, responsibility, and purpose, ensuring that the aspirations of all stakeholders are fulfilled,” Gaur said in the statement.
‘I appreciate the fair and transparent process’: Gaur
Gaur said that he appreciates the fair and transparent process conducted by the Committee of Creditors (CoC) of JAL and the resolution professionals. He thanked Adani and Vedanta groups for participating in the insolvency process.
Last month, the Allahabad bench of the National Company Law Tribunal (NCLT) approved Adani Group’s Rs 14,535 crore bid to acquire the assets of JAL. The decision was challenged by the Vedanta Group, which put a bid of Rs 17,926 crore, in the appellate tribunal NCLAT.
Later this week, Vedanta approached the Supreme Court for a stay of the resolution plan. While the Supreme Court denied a stay in the matter, it directed NCLT to hear Vedanta’s challenge on priority.
The dispute over JAL assets
The dispute between Vedanta and Adani Group arises from insolvency proceedings at Jaiprakash Associates. The bid process saw strong buyer interest, and Adani Enterprises and Vedanta emerged as the leading contenders.
Eventually, Adani Enterprises’ bid was approved by lenders, with 93.81% of the vote, despite a much higher bid from Vedanta. The lenders cited stronger execution certainty and larger upfront recovery in Adani’s bid.
Vedanta claimed that it was initially declared the highest bidder during the process, but the final outcome was altered, and that its revised offer was not considered.