Tag: Vedanta Group

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Sept 5 Meeting for Jaiprakash Associates Lenders; Bidding Challenge Ahead

NEW DELHI: The lenders of Jaiprakash Associates Ltd (JAL), which is currently undergoing insolvency proceedings, will convene on Friday to initiate a ‘challenge process’ involving five bidders. This step aims to optimize the value of the distressed company’s assets. The Committee of Creditors (CoC) is set to meet on September 5. Among the bidders vying to acquire JAL are Adani Group, Dalmia Bharat, Vedanta Group, Jindal Power, and PNC Infratech. Sources indicate that during a CoC meeting on August 22, it was decided to engage in further commercial negotiations with each Resolution Applicant to maximize the asset value of JAL.…

IndustryLatest Stories

Lenders Deny Jaypee Infratech’s Bid to Acquire Bankrupt Firm

NEW DELHI: Creditors of Jaiprakash Associates Ltd (JAL) have declined Jaypee Infratech’s bid to accept its resolution plan for the acquisition of the financially troubled company. Five firms—Adani Enterprises, Vedanta Group, Dalmia Bharat Cement, Jindal Power, and PNC Infratech—have put forth their plans for JAL’s acquisition. On June 25, JAL’s lenders rejected Jaypee Infratech’s resolution plan from Suraksha Group, citing its late submission and lack of earnest money. Sources indicate that Jaypee Infratech has requested the Committee of Creditors (CoC) of JAL to reconsider their decision and allow participation in the insolvency process. During a meeting on July 1, CoC…