Adani likely to win Jaiprakash Associates insolvency bid with faster payment plan: Report

Adani Enterprises Ltd is likely to emerge as the highest bidder to acquire Jaiprakash Associates Ltd (JAL) through the insolvency process, as its offer to make payments within two years has been found superior to Vedanta Group’s five-year plan, according to a PTI report.

In early September, Vedanta had beaten the Adani Group to emerge as the top bidder with an offer valued at ₹12,505 crore (net present value) in an auction carried out by lenders seeking suitors for the debt-laden JAL, which operates in real estate, cement, power, hotels, and infrastructure. Dalmia Cement (Bharat) Ltd, Jindal Power Ltd, and PNC Infratech Ltd did not participate in that round.

Subsequently, lenders initiated negotiations with all five interested players to enhance bid value and maximise recoveries. On October 14, the bidders submitted revised resolution plans in sealed envelopes.

As per the PTI report, the committee of creditors (CoC) met last week to assess the feasibility and viability of these updated plans. Evaluated through a detailed scoring matrix, Adani Enterprises’ bid emerged as the highest, followed by Dalmia Cement and Vedanta. The CoC is expected to put Adani’s plan to a vote within the next two weeks.

The report citing sources added that Dalmia’s proposal was partly conditional upon a forthcoming Supreme Court judgement in the ongoing dispute between JAL and the Yamuna Expressway Industrial Development Authority (YEIDA). Adani, in contrast, has offered to pay lenders within two years, while Vedanta’s plan involves back-ended payments extending over five years.

Last month, JAL’s erstwhile promoters submitted a settlement offer under Section 12A of the Insolvency and Bankruptcy Code, but the proposal lacked clarity on funding sources. Earlier attempts by the promoters to secure a stay on proceedings were rejected by the courts.

The CoC’s evaluation of all plans, including stakeholder treatment, suggests that Adani Enterprises is now the preferred contender to take over and turn around the company.

JAL, which spans real estate, cement, hospitality, and engineering & construction, entered the Corporate Insolvency Resolution Process (CIRP) under a National Company Law Tribunal (NCLT) Allahabad Bench order on June 3, 2024, after defaulting on its loan obligations. Financial creditors have admitted claims worth around ₹60,000 crore, with the National Asset Reconstruction Company Ltd (NARCL) emerging as the largest claimant after purchasing stressed loans from a consortium led by the State Bank of India (SBI).

In April 2025, 25 companies had expressed interest in acquiring JAL, but by June, only five — Adani Enterprises, Dalmia Cement, Vedanta Group, Jindal Power, and PNC Infratech — submitted earnest bids. Following the challenge process in September, Vedanta was initially ranked highest.

JAL’s assets include major real estate projects such as Jaypee Greens in Greater Noida, parts of Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City, located near the upcoming Jewar International Airport. The group also owns three commercial and industrial office spaces in the Delhi-NCR region and operates five hotels across Delhi-NCR, Mussoorie, and Agra.

The company holds four cement plants in Madhya Pradesh and Uttar Pradesh and leases several limestone mines in Madhya Pradesh, though the cement facilities are currently non-operational. It also has stakes in subsidiaries including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, and Jaypee Infrastructure Development Ltd.

JAL’s financial stress and insolvency have impacted operations across its cement units and infrastructure projects, including key national works such as the Pakal Dul Dam in Jammu & Kashmir and the Srisailam Canal project in Andhra Pradesh.