Creditors of Jaiprakash Associates have recently supported Adani Enterprises’ Rs 135 billion takeover proposal for the insolvent infrastructure company, preferring it over Vedanta’s higher offer due to stronger upfront payments. Most lenders, largely Indian banks, viewed the shorter 1.5–2-year payout structure as more favourable than Vedanta’s five-year timeline.

Other bidders included Dalmia Bharat, Jindal Power and PNC Infratech, while a last-minute offer from promoter Manoj Gaur was withdrawn. Jaiprakash Associates, once a major infrastructure conglomerate, owes lenders about Rs 550 billion and entered insolvency last June.

With the vote now in Adani’s favour, the committee of creditors is expected to formalise its recommendation and submit it to the National Company Law Tribunal. The National Asset Reconstruction Company, which acquired the company’s loans from a State Bank of India-led consortium, remains the largest claimant in the case.