Race to Acquire Jaiprakash Associates Heats Up as Creditors Extend Deadline

The creditors of Jaiprakash Associates have agreed to extend the deadline for submitting resolution plans to June 24, 2025, in response to requests from prospective buyers. This decision, sanctioned by the Committee of Creditors, comes as the iconic Jaypee Group flagship battles insolvency proceedings.

Facing claims amounting to Rs 57,185 crore, Jaiprakash Associates has caught the attention of 25 potential bidders eager to acquire the ailing conglomerate. High-profile groups like Adani Enterprises, Vedanta, and Patanjali Ayurveda are among the key contenders looking to present a feasible resolution plan.

In the latest development, the State Bank of India-headed consortium transferred the cluster of non-performing loans to the National Asset Reconstruction Company Ltd. These loans emerged after Jaiprakash Associates defaulted on repayments, pushing the conglomerate into insolvency proceedings sanctioned by the National Company Law Tribunal, Allahabad Bench, in June 2024.

(With inputs from agencies.)