Tag: vedanta

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NCLAT Delays Ruling on Vedanta’s Challenge to Adani Bid for JAL

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has reserved its ruling on Vedanta’s two petitions regarding the acceptance of Adani Enterprises’ bid to acquire the financially distressed Jaiprakash Associates Ltd (JAL) via insolvency proceedings. The hearing concluded with a two-member NCLAT bench, led by Chairperson Ashok Bhushan and Member Technical Barun Mitra, after considering arguments from Vedanta and various respondents, including the Resolution Professional, the Committee of Creditors (CoC), and Adani Enterprises. The court has requested both parties to submit their written arguments within two days. Vedanta’s attorney questioned the evaluation criteria used by JAL lenders, who chose…

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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…

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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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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…

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Promoter unveils ₹18,000 crore plan for Jaiprakash Associates

MUMBAI: The promoter of Jaiprakash Associates (JAL) has re-entered the competition to reacquire control of the heavily indebted infrastructure company with a new ₹18,000 crore resolution plan, although lenders are skeptical about the previous owner’s capacity to raise the necessary funds. The latest proposal from the Gaur family, the promoters of Jaypee, surpasses offers made by Vedanta and the Adani Group for JAL, which holds significant land assets around Greater Noida and the Noida Expressway. “The promoter has submitted a new plan valuing the business at ₹18,000 crore, exceeding Vedanta’s offer,” said a source with knowledge of the situation. Vedanta…

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CCI Approves Vedanta’s Bid for Jaiprakash Associates

NEW DELHI: The Competition Commission of India (CCI) announced on Tuesday that it has granted in-principle approval for mining giant Vedanta’s proposal to acquire the financially troubled Jaiprakash Associates, contingent upon winning the ongoing insolvency auction. Besides Vedanta, the CCI has also approved acquisition proposals from Jindal Power, PNC Infratech, Adani Group, and Dalmia Bharat for Jaiprakash Associates. “The proposed transaction involves the acquisition of Jaiprakash Associates Ltd (JAL) by Vedanta Ltd (the acquirer) as part of a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016,” stated the regulator in an official release. The CCI confirmed…

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Vedanta Wins ₹17,000 Crore Bid for Jaiprakash Associates

NEW DELHI: Mining giant Vedanta has outbid Gautam Adani’s Group to acquire the financially troubled Jaiprakash Associates (JAL) for Rs 17,000 crore, as reported by sources. This bid equates to an estimated net present value (NPV) of Rs 12,505 crore for JAL. JAL operates in various sectors including real estate, cement, power, hotels, and road construction, but it has been subjected to insolvency proceedings following loan payment defaults. The creditors of JAL initiated a competitive bidding process for the company’s sale under the Insolvency and Bankruptcy Code (IBC). While several parties expressed interest, only Vedanta and Adani Group placed firm…

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Adani Group Makes Unconditional Bid for Jaiprakash Associates

MUMBAI: The Adani Group has emerged as the sole bidder without conditions in the acquisition race for Jaiprakash Associates, submitting an offer of ₹12,600 crore during the ongoing insolvency proceedings. Competing bidders such as Dalmia Bharat, Vedanta, Jindal Power, and PNC Infratech have linked their proposals to resolving a significant land dispute related to the Gautam Buddh Nagar Sports City project, which is currently before the Supreme Court. Jaiprakash Associates has garnered five bids, with Dalmia Bharat leading the pack with an offer of ₹14,600 crore, inclusive of the disputed land parcel. However, should the land conflict remain unresolved, Dalmia’s…