The Battle to Resurrect Jaiprakash Associates: A Bidder's Race
Lenders of the insolvent Jaiprakash Associates Ltd will convene on July 1 to evaluate resolution plans submitted by five corporate entities. The meeting, part of the company's 16th Committee of Creditors, follows the receipt of acquisition bids from Adani Enterprises, Vedanta, Dalmia Bharat Cement, Jindal Power, and PNC Infratech.
- Country:
- India
Lenders of Jaiprakash Associates Ltd (JAL), which has entered insolvency proceedings, are set to gather on July 1 to deliberate over resolution plans submitted by five corporate giants. The key agenda for this 16th Committee of Creditors (CoC) meeting involves dissecting these plans and other vital matters.
Sources indicate that these five bids, received last week with earnest money, aim at acquiring the distressed company. Notably, the identity of these bidders, including Adani Enterprises and Vedanta, adds significant intrigue, underscoring the competitive nature of this acquisition process.
JAL's financial woes, accentuated by unresolved creditor claims amounting to Rs 57,185 crore, have led to its acceptance into the corporate insolvency realm. Among the primary claimants is the National Asset Reconstruction Company Ltd (NARCL), which obtained JAL's stressed loans, with SBI as the leading lender of the consortium.
(With inputs from agencies.)
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