The race to acquire Jaiprakash Associates Limited (BSE:532532), the flagship company of the beleaguered Jaypee Group, has entered a crucial phase with the deadline to submit resolution plans ending on June 24, 2025. As per two people directly in the know, at least six bids have been received, with major names such as Adani Enterprises Limited (BSE:512599), Vedanta Group, Dalmia Bharat Limited (NSEI:DALBHARAT), and Jaypee Infratech Limited (controlled by the Suraksha Group) likely among the contenders. Jindal Power Limited (Naveen Jindal) and PNC Infratech Limited (NSEI:PNCINFRA) are also understood to have submitted offers, CNBC-TV18 has learnt.
"It is to confirm that Jaypee Infratech Ltd. has submitted bids for Jaiprakash Associate. However, the company will not be able to share any further information on the same,"Jaypee Infratech spokesperson told CNBC-TV18, Lenders are expected to open and evaluate the bids in the Committee of Creditors (CoC) meeting scheduled for June 25, 2025. While the final bid values are not yet known, sources indicate that NARCL?s offer of INR 120.00 billion to acquire JAL?s loans could serve as a benchmark for prospective bidders.
This development marks a key milestone in a long-running insolvency case. Jaiprakash Associates was first identified by the Reserve Bank of India (RBI) in its second list of large defaulters in 2017 to be referred under the Insolvency and Bankruptcy Code (IBC). However, delays in admission and legal complexities stalled the process for years.
It was only in June 2024 that the Allahabad Bench of the National Company Law Tribunal (NCLT) formally admitted JAL into insolvency proceedings, and appointed Bhuvan Madan as the Interim Resolution Professional (IRP). JAL owes INR 571.85 billion to financial creditors, led by the National Asset Reconstruction Company Ltd. (NARCL), and is one of the most prominent cases under the IBC owing to its vast and varied asset base spread across cement, real estate, power, hospitality, and infrastructure. In all, 25 prospective resolution applicants (PRAs) had submitted Expressions of Interest (EOIs) earlier, including big financial investors like Oaktree Capital, J.C. Flowers ARC, and Kotak Alternate Asset Managers, as well as strategic players such as Oberoi Realty, Torrent Power, Patanjali Ayurveda, and Authum Investment.
The resolution of JAL is being keenly watched as it could help unlock significant value from the group's stranded assets. It also holds key implications for the revival of several stuck infrastructure projects, particularly in the Yamuna Expressway and real estate corridors. As bids are opened and evaluated, lenders will be weighing not just the upfront recovery value but also the long-term viability of the resolution plans.
A successful bidder would also have to navigate complex legal, regulatory, and operational challenges, including pending litigations and overlapping assets across group entities. For now, with the bidding stage concluded, the focus shifts to the Committee of Creditors meeting outcome, and the decision that could shape the next chapter in the long and tangled saga of the Jaypee Group. CNBC-TV18 has reached out to all the six suitors who have come forward to submit bids for JAL.
Their response is awaited.
