Who will be new owner of Rs 55000 crore debt-laden Jaiprakash Associates? Gautam Adani, Anil Agarwal’s Vedanta, Dalmia among bidders
Once upon a time, Jaiprakash Associates between India’s leading infrastructure companies went bankrupt due to heavy debt loads and delays in project execution. The company is currently undergoing transactions in accordance with the bankruptcy and bankruptcy law.
The Jaiprakash Associates Limited (JAL), which is currently imposed on bankruptcy, received five potential solution plans within the scope of the Corporate Bankruptcy Solution Process (CIRP). Although the company has not officially announced the names of the applicants, reports argue that large corporate players such as Adani Group, Vedanta, Jindal Steel and Power (JSPL – Naveen Jindal), Dalmia Bharat and PNC Infratech are in the competing race to purchase debt.
What is the situation?
According to the explanations made in accordance with Article 16 (i), the decision professional (RP) received five applications until the deadline determined by a serious money deposit. These suggestions stem from the potential investors aiming to acquire and revive the assets of Jaiprakash Associates (Jaypee Group).
What’s next?
The decision specialist will now evaluate all offered offered and submit them to the Creditors Committee (COC) for the examination. Based on the selected plan, an open road map can be established to revive the company.
Jaiprakash Assocates’ background
Once upon a time, Jaiprakash Associates between India’s leading infrastructure companies went bankrupt due to heavy debt loads and delays in project execution. The company is currently undergoing transactions in accordance with the Bankruptcy and Bankruptcy Law (IBC).
How much does the blinds debt?
Jaiprakash Assocates owe 55.493.43 RS to various banks and financial institutions. The company recently announced that a group of loans transferred unpaid loans to the national asset restructuring company Limited (NARCL), but the final amount was not announced.
