Adani likely to win Jaiprakash Associates insolvency bid with faster payment plan: Report

Adani Enterprises Ltd is likely to emerge as the highest bidder to take over Jaiprakash Associates Ltd (JAL) through the insolvency process, as its offer to make payments within two years was found to be superior to Vedanta Group’s five-year plan, according to PTI a report.

In early September, Vedanta beat Adani Group to emerge as the top bidder with a bid of Rs 12,505 crore (net present value) in an auction conducted by lenders looking for suitors for debt-laden JAL, which is involved in real estate, cement, power, hotels and infrastructure. Dalmia Cement (Bharat) Ltd, Jindal Power Ltd and PNC Infratech Ltd did not participate in that round.

Subsequently, the lenders initiated negotiations with all five interested players to enhance the bid value and maximize recoveries. On October 14, bidders submitted revised resolution plans in sealed envelopes.

According to PTI According to the report, the Committee of Creditors (CoC) met last week to assess the feasibility and feasibility of these updated plans. After evaluating it through a detailed scoring matrix, Adani Enterprises’ bid emerged as the highest, followed by Dalmia Cement and Vedanta’s bid. The election Commission is expected to put Adani’s plan to a vote within the next two weeks.

Dalmiya’s proposal was partly conditional on an upcoming ruling from the Supreme Court in the ongoing dispute between JAL and the Yamuna Expressway Industrial Development Authority (YEIDA), the report added, citing sources. In return, Adani has offered to repay lenders within two years, while Vedanta’s plan involves late payments spanning five years.

Last month, JAL’s former promoters had made a settlement offer under Section 12A of the Insolvency and Bankruptcy Code, but the proposal lacked clarity on sources of funding. The courts rejected previous attempts by the promoters to secure a stay of the proceedings.

The Competition Commission’s assessment of all plans, including the treatment of stakeholders, indicates that Adani Enterprises is now the preferred contender to acquire and develop the company.

JAL, which operates in the real estate, cement, hospitality, engineering and construction business, entered the corporate insolvency resolution process (CIRP) under the order of the National Company law Tribunal (NCLT) in Allahabad on June 3, 2024, after defaulting on loan obligations. Financial creditors have admitted claims worth around Rs 60,000 crore, with the National Asset Reconstruction Corporation Limited (NARCL) emerging as the largest claimant after purchasing bad loans from a consortium led by the State Bank of India (SBI).

In April 2025, 25 companies had expressed interest in acquiring JAL, but by June, only five companies – Adani Enterprises, Dalmia Cement, Vedanta Group, Jindal Power and PNC Infratech – had made serious bids. After the challenge process in September, Vedanta was initially ranked number one.

JAL’s assets include major real estate projects such as Jaypee Greens in Greater Noida, parts of Jaypee Greens Wishtown in Noida, and Jaypee International Sports City, located near the upcoming Jewar International Airport. The group also owns three commercial and industrial office spaces in the Delhi-NCR region and operates five hotels in Delhi-NCR, Mussoorie and Agra.

The company owns four cement plants in Madhya Pradesh and Uttar Pradesh and leases several limestone mines in Madhya Pradesh, although the cement facilities are currently non-operational. It also has stakes in subsidiaries including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd and Jaypee Infrastructure Development Ltd.

JAL’s financial pressures and insolvency have affected operations across its cement units and infrastructure projects, including major national works such as the Pakal Dul Dam in Jammu and Kashmir and the Srisailam Canal Project in Andhra Pradesh.