Jaiprakash Associates Attracts Bidders Amidst Insolvency Proceedings
Jaiprakash Associates Ltd has received five bids for its acquisition through insolvency proceedings. Notable bidders include Adani Enterprises and Vedanta. The insolvency process follows JAL's default on substantial loan repayments, with creditors claiming Rs 57,185 crore. A decision on the submitted resolution plans is forthcoming.
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Jaiprakash Associates Ltd (JAL) announced it received five bids, complete with earnest money, for its acquisition via the insolvency process.
According to sources, prominent bidders include Gautam Adani Group's Adani Enterprises, Anil Agarwal's Vedanta, and Dalmia Bharat Cement. The bids come after JAL was admitted into the Corporate Insolvency Resolution Process (CIRP) due to loan defaults.
The National Asset Reconstruction Company Ltd leads the list of creditors claiming over Rs 57,000 crore. With expansive projects in real estate and cement industries, JAL's future hangs in the balance as a decision on its resolution plans is eagerly awaited.
(With inputs from agencies.)
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