CORPORATE
Lenders reject Jayprakash Infratech’s resolution plan to buy JAL
- IBJ Bureau
- Jul 06, 2025
Lenders of Jaiprakash Associates (JAL) have turned down Jaypee Infratech’s request to accept its resolution plan to acquire the bankrupt diversified company.
Adani Enterprises, Vedanta Group, Dalmia Bharat Cement, Jindal Power and PNC Infratech have submitted their resolution plans to acquire JAL.
Lenders of JAL had in June rejected the resolution plan of Suraksha Group-owned Jaypee Infratech as the bid was submitted late and without earnest money.
Jaypee Infratech had requested the Committee of Creditors (CoC) of JAL to reconsider the decision to reject its bid. It had sought permission to participate in the insolvency process.
In a recent meeting, the members of the CoC unanimously agreed not to change its earlier decision to reject Jaypee Infratech’s resolution plan.
In the meeting, the resolution professional also presented a brief summary of the five resolution plans.
A detailed summary of all five resolution plans would be prepared, based on which the highest bidder will be determined.
Some of the bids are conditional and linked to the outcome of the pending legal cases.
JAL, which has business interests spanning real estate, cement, hospitality and engineering and construction, was admitted into the Corporate Insolvency Resolution Process (CIRP) through the Allahabad bench of the National Company Law Tribunal’s order, dated June 3, 2024.
JAL was taken to insolvency proceedings after the conglomerate had defaulted on the payment of loans. Creditors are claiming a staggering Rs 57,185 crore as pending loans.
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