Latest news with #JaiprakashAssociatesLtd
NDTV
6 days ago
- Business
- NDTV
Adani Group Seeks Competition Commission's Nod To Acquire Jaiprakash Associates
New Delhi: Billionaire Gautam Adani-promoted Adani group on Tuesday sought approval from the Competition Commission of India (CCI) to acquire Jaiprakash Associates Ltd. The development came after the Adani group reportedly made an unconditional bid for debt-ridden Jaiprakash Associates Ltd (JAL), which is undergoing a corporate insolvency resolution process (CIRP). "The proposed combination relates to the acquisition of up to 100 per cent of the shareholding of the target (Jaiprakash Associates Ltd) by the acquirers (Adani Enterprises Ltd and Adani Infrastructure and Developers Pvt Ltd) or any other entity forming part of the Adani Group," according to a notice filed with the CCI. Adani Enterprises Ltd (AEL) is the flagship company of the Gujarat-based Adani Group. JAL is an infrastructure conglomerate with interests in engineering and construction, cement, power, real estate, and hospitality. In a notice to CCI, AEL, Adani Infrastructure and Developers, and JAL have said the "proposed combination does not raise competition concerns in any plausible relevant market and therefore, the relevant market delineations may be left open. They have also identified certain potential vertical linkages regarding products/services such as limestone, fly ash, clinker, coal management services, ready mix concrete, and provision of construction activities, which are linked to the market for the manufacture of cement. "These vertical linkages do not give rise to any competition concerns," the notice stated. Last month, Dalmia Cement (Bharat) Ltd also submitted a notice and sought clearance from the fair trade regulator CCI to acquire a 100 per cent stake in JAL, including its assets and proportionate shareholding in its subsidiaries, associate companies, and joint ventures. Earlier, lenders of JAL have turned down Jaypee Infratech's request to accept its resolution plan to acquire the bankrupt diversified company. Five companies -- Adani Enterprises, Vedanta Group, Dalmia Bharat Cement, Jindal Power, and PNC Infratech -- have submitted their resolution plans to acquire JAL. JAL was admitted into the CIRP through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024. JAL was taken to insolvency proceedings after the conglomerate defaulted on the payment of loans. Creditors are claiming a staggering Rs 57,185 crore. The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India (SBI). JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport. It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are non-operational. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other companies. Jaypee Group's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency process. Suraksha Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida.
Time of India
30-06-2025
- Business
- Time of India
Lenders of Jaiprakash Associates to meet on July 1 to discuss 5 resolution plans
Lenders of Jaiprakash Associates Ltd (JAL), undergoing insolvency, will convene on July 1, 2025, to deliberate on resolution plans from five corporates. These plans were submitted following JAL's admission into the Corporate Insolvency Resolution Process due to loan defaults, with creditors claiming ₹57,185 crore. Adani Enterprises, Vedanta, Dalmia Bharat Cement, Jindal Power and PNC Infratech are among the bidders. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Lenders of Jaiprakash Associates Ltd JAL ), which is under insolvency, will meet on July 1 to discuss resolution plans submitted by five corporates among other a regulatory filing on Monday, JAL informed that "the 16th meeting of the Committee of Creditors (CoC) of the company will be held on 1st July, 2025."The company did not mention the agenda of the said the resolution plans submitted by five bidders will be discussed among few other week, JAL received five bids along with earnest money for the acquisition of the company through insolvency process. It did not mention the names of the companies which have submitted the resolution to sources, Billionaire Gautam Adani Group firm Adani Enterprises , mining mogul Anil Agarwal's Vedanta , Dalmia Bharat Cement, Jindal Power and PNC Infratech are the five companies which have submitted resolution April, as many as 25 companies showed interest to acquire which has business interests spanning real estate, cement manufacturing, hospitality, and engineering & construction, was admitted into the Corporate Insolvency Resolution Process (CIRP) through the National Company Law Tribunal, Allahabad Bench, order dated June 3, company was taken to insolvency proceedings after the conglomerate defaulted on payment of loans. Creditors are claiming a staggering Rs 57,185 National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by State Bank of India (SBI).JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd and several other Group's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida.
Time of India
25-06-2025
- Business
- Time of India
JAL insolvency: Five firms submit bids to acquire bankrupt firm
Jaiprakash Associates Ltd (JAL) on Wednesday said it has received five bids along with earnest money for the acquisition of the company through insolvency process. In a regulatory filing, Jaiprakash Associates Ltd (JAL) informed that it has received five resolution plans. "... In response to the request for resolution plan issued in the corporate insolvency resolution process of JAL, the resolution professional has received five resolution plans along with earnest money, till the submission date," the regulatory filing said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Dividend Stocks With Strong Ratings Seeking Alpha Read Now Undo JAL, however, did not mention the names of the companies which have submitted the resolution plans. According to sources, Billionaire Gautam Adani Group firm Adani Enterprises , mining mogul Anil Agarwal's Vedanta , Dalmia Bharat Cement , Jindal Power and PNC Infratech are the five companies. Live Events Resolution plan of Jaypee Infratech, which was earlier acquired by Suraksha Group, is believed to have been rejected as it did not fulfill certain criteria, sources said. Lenders of Jaiprakash Associates Ltd (JAL) met on Wednesday to open the bids submitted by the interested parties. The last date was June 24. In April, as many as 25 companies showed interest to acquire JAL. JAL, which has business interests spanning real estate, cement manufacturing, hospitality, and engineering & construction, was admitted into the Corporate Insolvency Resolution Process (CIRP) through the National Company Law Tribunal , Allahabad Bench, order dated June 3, 2024. JAL was taken to insolvency proceedings after the conglomerate defaulted on payment of loans. Creditors are claiming a staggering Rs 57,185 crore. The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India (SBI). JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport. It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are non-operational. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd and several other companies. Jaypee Group's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency process. Suraksha Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida.
Business Upturn
10-06-2025
- Business
- Business Upturn
Jaiprakash Associates shares jump nearly 5% after resolution plan deadline extended
By Aditya Bhagchandani Published on June 10, 2025, 09:27 IST Shares of Jaiprakash Associates Ltd surged 4.72% on Tuesday to ₹3.55, following the company's announcement of an extension in the deadline for submission of resolution plans under its ongoing corporate insolvency process. The earlier deadline of June 9, 2025, has now been pushed to June 24, 2025. In a regulatory filing on Monday (June 9), the company stated, 'Consequent upon requests received from several PRAs (Prospective Resolution Applicants) for extension of the current deadline… the members of the Committee of Creditors of the Corporate Debtor have approved with the requisite majority the extension of time for submission of Resolution Plans.' The extension is expected to give more room to interested applicants to structure their proposals for the distressed assets of the company. Jaiprakash Associates, the flagship firm of the debt-laden Jaypee Group, is currently undergoing the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, after being admitted by the NCLT's Allahabad Bench via an order dated June 3, 2024. The company is engaged in various sectors including cement, power, hospitality, construction, and real estate. Its insolvency proceedings mark a significant development in India's ongoing efforts to resolve legacy bad debts through structured resolution frameworks. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Time of India
08-06-2025
- Business
- Time of India
Jaiprakash Associates Ltd creditors extend bid deadline by 15 days
Jaiprakash Associates Ltd faces debt resolution. NARCL, the lead creditor, extends the bid submission deadline by 15 days. This decision follows requests from interested bidders. The company owes creditors ₹57,185 crore. Several companies including Adani Enterprises and Dalmia Bharat have shown interest. NARCL holds the majority of the debt. The resolution process continues under the Insolvency and Bankruptcy Code. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Creditors to Manoj Gaur-promoted Jaiprakash Associates Ltd (JAL), led by National Asset Reconstruction Co Ltd ( NARCL ), have decided to extend the timeline for submission of bids by another 15 days from June 9. The decision was taken at the meeting of the committee of creditors (CoC) over the weekend after requests from some bidders for more time to submit their bids. "Some bidders requested for more time and NARCL, which is the largest creditor, has agreed. This will be conveyed to all stakeholders on Monday," said a person familiar with the process, who did not wish to be did not immediately reply to ET's email seeking comments. The debt-laden holding company of the real estate, cement and engineering, procurement and construction (EPC) group, operating mostly in Delhi-National Capital Region, owes creditors a total of ₹57,185 crore. Interested bidders have to submit an earnest money deposit and performance have also sought bank guarantees of ₹8.5 lakh against 100% margin (in the form of a lien marked fixed deposit), to cover for the mining plan for Degarhat Devmaudaldal leased limestone mine of reports said that more than two dozen varied bidders including power and cement companies, alternative asset managers and EPC companies have expressed interest in placing formal bids. They include large companies such as Adani Enterprises Vedanta , Patanjali Ayurveda, Naveen Jindal's Jindal Power, GMR Group, Kotak Alternate Asset Managers, Oberoi Realty and Torrent Power. ET could not immediately ascertain the names of the is the single largest creditor to the company, having taken over 87% of the ₹57,185 crore debt from banks in January. Acre ARC, with 4% of the debt, and Axis Bank, with 1.60% of the debt, are the other large is among the largest companies undergoing the corporate resolution process under Insolvency and Bankruptcy Code . In terms of debt size, the JAL resolution is only dwarfed by the ₹65,000 crore owed by Videocon Industries to its creditors.
