Jaiprakash Associates hits upper circuit as Adani Group emerges as sole bidder: Report

The report added that Adani’s proposal includes an upfront payment of over ₹8,000 crore, with no preconditions attached.

Meanwhile, five companies, Adani Enterprises, Vedanta Group, Dalmia Bharat Cement, Jindal Power and PNC Infratech, have submitted resolution plans to acquire Jaiprakash Associates. However, lenders rejected a resolution plan submitted by Jaypee Infratech, a Suraksha Group company, citing delayed submission and lack of earnest money.

Jaypee Infratech had urged the Committee of Creditors (CoC) to reconsider its decision and allow its participation in the process. But at a meeting held on July 1, the CoC unanimously upheld its earlier decision to exclude the bid.

Insolvency proceedings for Jaiprakash Associates are being conducted under the Insolvency and Bankruptcy Code (IBC), with total admitted claims standing at ₹57,185 crore.

Separately, Dalmia Bharat, Vedanta, Jindal Power, and PNC Infratech have also placed bids for resolving the land dispute tied to the Gautam Buddh Nagar Sports City project, a matter currently pending before the Supreme Court.