Jindal Power receives CCI approval to acquire Jaiprakash Associates

New Delhi, September 30 (PTI) Fair Trade Regulator CCI, on Tuesday, said that Jindal Power, led by Naveen Jindal, was in principle for his debtor Jaiprakash Associates.

In addition to Jindal Power, PNC Infratech, Adani Group and Dalmia Bharat’s suggestions for blind acquisition were cleared by the regulator.

“The commission confirms the purchase of Jindal Power Ltd by the Commission Jaiprakash Associates.” He said.

The Indian Competition Commission (CCI) said Jaiprakash Associates Ltd (JAL) approved the acquisition of Jindal Power.

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Following a recent decision on the interpretation of the provisions of the Bankruptcy and Bankruptcy Law (IBC) by the Supreme Court of Appeals, a approval of the competition is compulsory to present a decision plan by the relevant organization.

The asset must take the CCI head before being voted by the Creditors Committee of the Company (COC) of the company within the scope of IBC.

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Jaiprakash Assocates LTD’s COC is still reviewing the decision plans taken and the voting will be held at the time of voting.

Ves Vedanta Group and Jindal Power, including various other companies shook his head to provide CCI to JAL COC relevant decision plans.

JAL was adopted to the Corporate Bankruptcy Decision Decision Making Process (CIRP) through the Varistan of 3 June 2024, through the Allahabad bench. After the default on the payment of loans of the holding, it was taken to bankruptcy procedures.

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Creditors claim surprisingly La57.185 Crore.

The National Asset Reconstruction Company LTD (NARCL) leads the plaintiffs after receiving stressful blind loans from a consortium of lenders governed by the Indian State Bank.

Jaypee is a Jaypee international sports city near Jaypee Greens in Greater Noida, which is part of Jaypee Greens Wishtown in Noida (both on the skirts of the national capital) in Noida, and a strategically approaching Jaypee International Sports city.

There are also three commercial/industrial office areas in Delhi-NCR, the hotel section has five ownerships in Delhi-NCr, Mussoorie and Agra.

JAL, Madhya Pradesh and Uttar Pradesh have four cement plants and Madhya Pradesh have several rental miners. However, cement plants are not operational. In addition, Jaiprakash Power Ventures Ltd.

Yamuna Motorway Tolling Ltd, Jaypee Infrastructure Development Ltd and many other companies.

Jaypee Group’s Jaypee Infratech was purchased by a bankruptcy process by Mumbai -based Suraksha Group.

The Suraksha Group has to complete various stopped projects with approximately 20,000 apartments in Noida and Greater Noida.