Adani Enterprises and Vedanta: The Battle for Jaiprakash Associates
Adani Enterprises and Vedanta are in a heated competition to acquire Jaiprakash Associates Ltd (JAL) through the insolvency process. Adani's bid, offering payment within two years, has been evaluated as the best by the Committee of Creditors (CoC).
Adani EnterprisesVedantaJaiprakash AssociatesInsolvency ProcessCorporate RestructuringReal Estate NewsNov 09, 2025
In early September, mining conglomerate Vedanta Group had beaten Adani Group to emerge as the highest bidder, with an offer of ₹12,505 crore as net present value (NPV), in an auction carried out by lenders to find suitors for JAL, whose interests span real estate, cement, power, hotels, and roads. Dalmia Cement (Bharat) Ltd, Jindal Power Ltd, and PNC Infratech Ltd did not bid in the auction process.
Later, the lenders held negotiations with these five players to enhance the bid value and maximize realizations. On October 14, these five bidders submitted fresh, signed resolution plans in sealed envelopes. The committee of creditors (CoC) of JAL met last week to deliberate on these comprehensive resolution plans and assess their feasibility and viability.
The CoC evaluated the resolution plans on the basis of the evaluation matrix and then scored the resolution plan of Adani Enterprise Ltd as the highest, followed by Dalmia Cement (Bharat) and then Vedanta Ltd, PTI reported, quoting sources. Now, the resolution plan could be put to a vote by the CoC in the next two weeks, sources said.
It is understood that the payments in Dalmia's plans are contingent upon the Supreme Court's judgment on the pending matter between JAL and the development authority YEIDA. Adani Group is offering the payment to lenders within two years, while Vedanta is offering back-ended payments over the next five years. Last month, the erstwhile promoters of JAL also submitted their offer to settle with the lenders under 12A, but they did not cite any clear source of funds, PTI reported.
PTI sources added that these offers typically aim to stall the resolution process. Previously, the promoters voiced objections to the process and attempted to secure a stay, but the courts denied their requests. Based on the overall evaluation of the plans and the treatment of all stakeholders, it is now expected that the Committee of Creditors (CoC) may vote in favor of Adani Enterprises Ltd for the resolution and turnaround of JAL, according to the report.
About Jaiprakash Associates (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. The JAL was taken to insolvency proceedings after the conglomerate defaulted on payment of loans. Financial creditors' claim of around ₹60,000 crore has been admitted by the resolution professional. More than a thousand homebuyers are stuck in various projects of JAL.
The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring stressed JAL loans from a consortium of lenders headed by the State Bank of India (SBI). In April this year, 25 companies showed interest in acquiring JAL. However, in June, JAL announced that it had received five bids, along with earnest money, for the acquisition of the company through the insolvency process. Adani Enterprises, Dalmia Cement, Vedanta Group, Jindal Power, and PNC Infratech had submitted bids to acquire JAL.
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 Motorway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other companies. The financial stress and insolvency impacted JAL's businesses, including cement manufacturing units and EPC projects of national importance, such as the Pakal Dul Dam project in Jammu & Kashmir and the Srisailam Canal project in Andhra Pradesh.
Frequently Asked Questions
What is the Corporate Insolvency Resolution Process (CIRP)?
The Corporate Insolvency Resolution Process (CIRP) is a legal framework under the Insolvency and Bankruptcy Code (IBC) in India. It is designed to revive and restructure financially troubled companies and to ensure the repayment of debts to creditors. The process involves the appointment of a resolution professional, formation of a committee of creditors, and the submission and evaluation of resolution plans.
Why is Adani Enterprises considered the highest bidder for JAL?
Adani Enterprises is considered the highest bidder for Jaiprakash Associates Ltd (JAL) because its resolution plan scored the highest in the evaluation matrix used by the Committee of Creditors (CoC). Additionally, Adani's offer to pay the acquisition amount within two years was deemed more favorable than Vedanta's offer to pay over five years.
What are the major business interests of Jaiprakash Associates (JAL)?
Jaiprakash Associates (JAL) has business interests in real estate, cement manufacturing, hospitality, and engineering & construction. Some of its major projects include Jaypee Greens in Greater Noida, Jaypee International Sports City near Jewar International Airport, and several hotel properties in Delhi-NCR, Mussoorie, and Agra.
What is the role of the Committee of Creditors (CoC) in the insolvency process?
The Committee of Creditors (CoC) is a key body in the insolvency process. It is formed by the financial creditors of the company and is responsible for making decisions on the resolution plan, including evaluating and approving the best plan submitted by bidders. The CoC's decisions are crucial in determining the future of the company in insolvency.
How did the erstwhile promoters of JAL attempt to influence the insolvency process?
The erstwhile promoters of JAL submitted an offer to settle with the lenders under Section 12A of the IBC, but they did not cite a clear source of funds. They also voiced objections to the process and attempted to secure a stay, but their requests were denied by the courts.
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