NARCL raises offer for Jaiprakash Associates' debt to Rs 120 billion

15 Nov 2024 CW Team

The National Asset Reconstruction Company Ltd (NARCL), the government-backed bad loan aggregator, has raised its offer to acquire Jaiprakash Associates' (JAL) debt to Rs 120 billion. This new bid comes even as JAL's appeal against its insolvency admission is pending with the National Company Law Appellate Tribunal (NCLAT).

NARCL's revised bid, up from an initial Rs 100 billion in March, follows a recent valuation of JAL’s Rs 540 billion debt. According to sources, the revised offer includes an upfront payment of Rs 18 billion (15%) in cash, with the remaining 85% in security receipts guaranteed by the government and valid for five years.

The updated proposal was submitted just before Diwali, after NARCL completed its valuation, now with more clarity on creditor claims. However, banks, including major creditor State Bank of India (SBI) with Rs 155 billion and lead lender ICICI Bank with Rs 105 billion in claims, have yet to discuss the new offer. Both banks are also conducting independent valuations to guide their negotiations with NARCL.

JAL’s assets include cement plants, real estate near the Yamuna Expressway, hotels, EPC operations, power plants, and the Buddha International Circuit. This insolvency case, which began after a 2018 plea by ICICI, has faced extensive delays due to litigation from JAL's promoters. NARCL’s offer could expedite resolution by consolidating debt under one entity, potentially overcoming the protracted negotiations typically involved in multi-creditor cases.

This offer coincides with NCLAT’s pending decision on JAL’s appeal against the National Company Law Tribunal’s (NCLT) June ruling to initiate insolvency, which itself followed a six-year delay since ICICI’s original filing.

(ET)

Infrastructure Transport

13 Oct 2025

Tata, Airbus to Build India’s First Private Helicopter Line

In a landmark development for India’s aerospace sector, Tata Advanced Systems Limited (TASL) and Airbus will establish the country’s first private-sector helicopter assembly line in Vemagal, Karnataka. The facility will manufacture the Airbus H125 and H125M, marking a significant milestone in India’s push for self-reliance in aviation and defence manufacturing. The new Final Assembly Line (FAL) will produce the H125, the world’s best-selling single-engine helicopter, known for its versatility and performance in extreme environments. The first ‘Made in India’ H125 is expected to ro..

NeGD to Support Bharat Taxi in Building Cooperative Ride Platform

In a significant move for India’s digital and mobility transformation, the National e-Governance Division (NeGD) of the Digital India Corporation, under the Ministry of Electronics and Information Technology (MeitY), has entered into an advisory partnership with Sahakar Taxi Cooperative Limited, the company behind Bharat Taxi — a first-of-its-kind, cooperative-led national ride-hailing platform. A Memorandum of Understanding (MoU) has been signed between NeGD and Sahakar Taxi to provide strategic advisory and technical support covering key areas such as platform integration, cybersecurity..

MeitY Hosts Pre-Summit for India–AI Impact Summit 2026

The Ministry of Electronics and Information Technology (MeitY), Government of India, hosted a series of Pre-Summit events for the upcoming India–AI Impact Summit 2026 at the India Mobile Congress (IMC) 2025 in New Delhi. These sessions mark a key milestone ahead of the main summit, scheduled for 19–20 February 2026 at Bharat Mandapam, New Delhi. Delivering the inaugural address, S. Krishnan, Secretary, MeitY, highlighted India’s innovative and frugal approach to AI development. “We have adopted innovative means by learning from others’ experiences to build projects and products that..