The race to acquire Jaiprakash Associates under the bankruptcy route is entering its last lap, with final bids due in early June. 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.
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.
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, totaling a staggering Rs 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).
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.
