26 Firms Eye JP Associates

09 Apr 2025 CW Team

A total of 26 companies, including major players like Adani Group, Vedanta, and Patanjali Ayurved, have submitted expressions of interest (EoIs) to acquire Jaiprakash Associates Ltd (JAL), which is undergoing corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC).

The National Company Law Tribunal (NCLT) had admitted JAL into insolvency in March 2024 after multiple loan defaults and pending liabilities. The company, which operates across cement, real estate, and infrastructure sectors, owes over Rs 290 billion to its creditors.

According to the invitation for resolution plans, the last date for submission is April 17. Other notable bidders include NBCC, Haldiram Snacks, JK Lakshmi Cement, and Shree Cement. The wide interest underscores the value in JAL’s diversified asset base, especially in real estate projects and cement capacity.

The final list of eligible resolution applicants will be announced soon, followed by detailed due diligence. The outcome will be crucial in determining the future of one of India’s once-prominent infrastructure firms and will test the efficacy of India’s insolvency resolution framework in handling large, complex cases.

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