25 bidders, including Adani, Patanjali & Dalmia Cement, advance; ARC India out, ET LegalWorld

The resolution process for debt-laden Jaiprakash Associates Limited (JAL) has moved forward with the Resolution Professional (RP) publishing the final list of 25 eligible Prospective Resolution Applicants (PRAs). This follows the initial submission of Expression of Interests (EoIs) by 26 entities.

Notably, the final list, prepared in accordance with the Insolvency and Bankruptcy Board of India (IBBI) regulations, includes prominent names such as Adani Enterprises Limited, Dalmia Cement (Bharat) Limited, GMR Business & Consultancy LLP, Oberoi Realty Limited, Patanjali Ayurveda Limited, Torrent Power Limited, and Vedanta Limited.

Asset Reconstruction Company (India) Limited is the sole entity from the provisional list of eligible PRAs that did not make it to the final roster.

The RP’s decision to finalise the list was based on a thorough evaluation of the documents submitted by the applicants, as mandated by the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. This included a due diligence process conducted by the RP. Deloitte India Insolvency Professionals LLP is assisting the RP in the resolution process.

This development comes after the National Company Law Appellate Tribunal (NCLAT) upheld the admission of JAL into insolvency proceedings last year, affirming the National Company Law Tribunal’s (NCLT) order following a plea by ICICI Bank.

The presence of a diverse set of contenders, spanning infrastructure, cement, real estate, and power sectors, signals keen interest in the assets of Jaiprakash Associates. The next stage of the Corporate Insolvency Resolution Process (CIRP) will involve these eligible PRAs submitting their resolution plans, offering a revival plan for the debt-laden infrastructure company.

• Published On Apr 20, 2025 at 11:32 PM IST

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