Lender Map of Insolvency Deals: Jaiprakash's Challenges and the Race for Acquisition

Jaiprakash Associates Ltd (JAL), a business conglomerate with varied interests, faces a critical point as its lenders have rejected Jaypee Infratech's proposal to acquire the struggling company under insolvency proceedings.

In a meeting on July 1, the Committee of Creditors (CoC) stood firm on its previous decision to dismiss Jaypee's plan due to its delayed submission and lack of earnest money. Meanwhile, five other companies, including Adani Enterprises and Vedanta Group, have tabled their resolution plans awaiting assessment.

The insolvency process will determine the company's future as creditors, claiming over Rs 57,185 crore, led by the National Asset Reconstruction Company Ltd, sift through plans. The outcome hinges on ongoing legal cases, further complicating the determination of the successful bidder.

(With inputs from agencies.)