Jaiprakash Associates Ltd. (JAL), the debt-laden infrastructure and real estate company, has drawn six resolution plans from suitors including Adani Group, Vedanta, JSPL (Naveen Jindal), Suraksha Group, Dalmia Bharat, and PNC Infratech, people familiar with the matter said.
The bids, submitted on Tuesday June 24, are for the acquisition of the company in its entirety, and will be opened and evaluated today at the meeting of the Committee of Creditors (CoC), sources said.
The companies could not be immediately reached for comment. The copy will be updated with companies’ responses.
This is one of the most closely watched insolvency cases, involving claims worth Rs 57,185 crore.
The bids will now be negotiated with creditors, with final selection expected over the coming weeks, the sources said.
JAL’s portfolio includes marquee assets such as Jaypee Greens in Greater Noida, parts of Wishtown in Noida, and the Jaypee International Sports City, strategically located near the under-construction Jewar International Airport. It also owns multiple hotel assets in Delhi-NCR, Agra, and Mussoorie, as well as three commercial properties and four non-operational cement plants in Uttar Pradesh and Madhya Pradesh.
The National Asset Reconstruction Company Ltd. (NARCL), which acquired Rs 12,000 crore of JAL’s debt in March this year from a 90% creditor base including State Bank of India earlier this year, is the principal claimant. Other lenders include Asset Care & Reconstruction Enterprise (ACRE), Arcil, external commercial lenders of SBI and Bank of Baroda, and a large base of homebuyers.
Kotak Alternate Asset Managers and Oberoi Realty were among nearly two dozen prospective bidders that initially expressed interest but didn’t submit final bids, the people said.
Source: Economic Times