Tag: Jaiprakash Associates

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RP: Vedanta’s Highest Bidder Claim is a ‘False Narrative’

Sure! Here’s the rewritten content: NEW DELHI: Senior Advocate Abhishek Manu Singhvi, representing the Resolution Professional (RP) of Jaypee Associates, informed the National Company Law Appellate Tribunal (NCLAT) on Friday that a “false and sensational narrative” is being propagated regarding Vedanta’s bid during the insolvency resolution process. Singhvi asserted that claims implying Vedanta was initially identified as the highest bidder and subsequently undermined are completely baseless and unsupported by evidence. He highlighted that this narrative has been perpetuated in media channels, previous hearings, and public discussions without factual grounding. To clarify, Singhvi explained that an email distributed by the RP…

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Jaiprakash Gaur Supports Adani’s Purchase of JAL Assets

NEW DELHI: On Friday, Jaiprakash Gaur, the founder of Jaypee Group, announced his endorsement of the Adani Group’s acquisition of his insolvent firm, Jaiprakash Associates Ltd (JAL). He expressed utmost trust in Gautam Adani’s capability to advance the group’s interests. This support comes shortly after Anil Agarwal of Vedanta Ltd claimed that Gaur preferred to see JAL under the stewardship of his mining company. Gaur stated, “I appreciate the fair and transparent process led by the Committee of Creditors and the Resolution Professional, thanking both the Adani and Vedanta Groups for their participation.” “The Committee of Creditors (CoC) has chosen…

Latest StoriesResidential

After 15 Years, JAL Homebuyers Rely on Adani’s Housing Plan

Homebuyers waiting for possession of properties booked with Jaiprakash Associates Limited (JAL) 15 years ago are hopeful for a swift resolution. This comes after the Supreme Court declined to stay the implementation of the Adani Group’s debt resolution plan of ₹14,500 crore. The homebuyers’ association expressed concern over the prolonged legal proceedings and urged the Adani Group to complete the projects as promised in the resolution plan. Mateen Wani, a retired government employee from Jammu & Kashmir who booked a plot in Jaypee Sports City years ago, stated, “Many buyers have been paying both EMI and rent for years with…

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Vedanta Challenges Adani’s ₹14,535-Crore Jaiprakash Bid in SC

NEW DELHI: Mining giant Vedanta Ltd has filed an appeal in the Supreme Court seeking to stay the NCLT’s approval of Adani Group’s ₹14,535 crore bid for Jaiprakash Associates Ltd (JAL). The appeal was submitted on March 25, following the National Company Law Appellate Tribunal’s (NCLAT) refusal to stay the plan’s implementation. Adani Enterprises Ltd has also filed a caveat with the Supreme Court, requesting an opportunity to be heard before any decision is made regarding Vedanta’s petition. On March 24, the insolvency appellate tribunal denied an interim stay on Vedanta’s plea against the NCLT ruling that approved Adani’s bid…

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UltraTech Cement Resolves JAL Dispute, Redeems ₹1,000 Crore Shares

UltraTech Cement has reached a resolution with Jaiprakash Associates (JAL) regarding a long-standing arbitration issue, agreeing to redeem ₹1,000 crore in preference shares associated with the Dalla Super cement facility, according to sources familiar with the matter. This agreement paves the way for monetizing Jaypee assets following a bankruptcy court’s recent approval for the Adani Group to take control of JAL. The Adani Group has proposed to pay ₹14,535 crore to acquire the bankrupt JAL in the insolvency process, although the group has not yet completed payments to creditors. The settlement with UltraTech’s flagship cement division is expected to lessen…

Latest StoriesRegulatory

NCLAT Rejects Stay on Adani’s ₹14,535-Cr Jaiprakash Bid

NEW DELHI: On Tuesday, the Insolvency Appellate Tribunal rejected an interim stay on Vedanta Group’s plea against the National Company Law Tribunal’s (NCLT) approval of Adani Group’s ₹14,535 crore bid for Jaiprakash Associates Ltd (JAL). The two-member bench of the NCLAT requested a response from JAL’s Committee of Creditors (CoC) within a week and scheduled the case for hearing on April 10. Vedanta Group had been competing to acquire JAL through the insolvency process but faced a setback when lenders approved Adani Enterprises’ resolution plan last November. The NCLT approved Adani’s bid last week. In challenging the NCLT’s decision, Vedanta…

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NCLT Greenlights Adani’s ₹14,535 Cr Bid for Jaiprakash Associates

NEW DELHI: The National Company Law Tribunal (NCLT) has sanctioned Adani Enterprises Ltd’s bid of ₹14,535 crore to acquire Jaiprakash Associates Ltd as part of the insolvency proceedings. Jaiprakash Associates Ltd (JAL) reported in a regulatory filing that the Allahabad bench of the NCLT orally pronounced its order on March 17, 2026, approving the resolution plan proposed by Adani Enterprises Ltd. In November of the previous year, a Committee of Creditors (CoC) gave its nod to the acquisition plan suggested by business tycoon Gautam Adani. Adani Enterprises secured the endorsement of JAL’s creditors for its ₹14,535 crore bid, surpassing competitors…

Latest StoriesRegulatory

ED Files Final Report on Ex-MD of Jaypee Infratech’s Fraud

NEW DELHI: On Monday, the Enforcement Directorate (ED) submitted its prosecution complaint, akin to a chargesheet, against former Jaypee Infratech MD, Manoj Gaur. Gaur was arrested on November 13 of the previous year due to a case involving a ₹14,599 crore fraud with homebuyers. He is currently in judicial custody. The complaint was filed with Principal District and Sessions Judge Anju Bajaj Chandna. Meanwhile, a sessions court has scheduled Gaur’s bail plea for a hearing on January 17. The ED has alleged that funds raised from thousands of homebuyers for the completion of residential projects were misused for non-construction purposes,…

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Land Shortages Fuel Strategic Acquisitions through Bankruptcy

As land availability tightens and competition grows in India’s major cities, strategic buyers are increasingly using the corporate insolvency resolution process under the Insolvency and Bankruptcy Code to acquire urban real estate. This framework is becoming crucial in facilitating ownership changes and land consolidation in areas with limited supply, a trend reflected in various recent rulings by bankruptcy tribunals nationwide. Data from the Insolvency and Bankruptcy Board of India indicates that by the end of September, 8,659 companies had entered insolvency proceedings, with around 1,905 being real estate companies. Of these, approximately 1,472 have received resolution plans from prospective buyers,…

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Adani Enterprises Set to Outbid Vedanta for Jaiprakash Associates

NEW DELHI: Adani Enterprises Ltd is expected to be the top bidder for the acquisition of Jaiprakash Associates Ltd (JAL) through an insolvency process, as its proposal to make payment over two years has been deemed more favorable than Vedanta’s five-year payment plan, sources indicated. In early September, Vedanta Group had outbid Adani Group with a net present value (NPV) offer of Rs 12,505 crore in an auction led by lenders to find buyers for JAL, which operates in sectors including real estate, cement, power, hotels, and roads. Dalmia Cement (Bharat) Ltd, Jindal Power Ltd, and PNC Infratech Ltd did…