Jaiprakash Associates insolvency: Lenders extend deadline to June 24 for submitting resolution plan

New Delhi, Jun 9 (PTI) Lenders of Jaiprakash Associates have extended the deadline for submission of resolution plan to June 24 on request of prospective bidders.

In a regulatory filing, Jaiprakash Associates Ltd (JAL), which is facing insolvency process, said the Committee of Creditors (CoC) has approved the deadline extension.

In terms of the invitation for expression of interest, the prospective resolution applicants (PRAs) were given a timeline of June 9, 2025 for submission of their resolution plans, the company said.

"However, consequent upon requests received from several PRAs for extension of the current deadline of June 9, 2025 for submission of resolution plans, the members of the Committee of Creditors of the corporate debtor have approved with the requisite majority the extension of time for submission of resolution plans till 24th June, 2025," JAL said.

There are 25 companies that have shown interest in acquiring the JAL.

Billionaire Gautam Adani's group firm Adani Enterprises, mining mogul Anil Agarwal's Vedanta, and yoga guru Baba Ramdev's Patanjali Ayurveda are among the 25 suitors looking to acquire the JAL,the flagship company of Jaypee Group.

The final list of PRAs include Torrent Power Ltd, Dalmia Cement (Bharat) Ltd, GMR Business & Consultancy LLP, Jaypee Infratech, Jindal India Power, Jindal Power Ltd, Kotak Alternate Asset Managers Ltd, PNC Infratech, and Oberoi Realty.

Authum Investment & Infrastructure; Consortium of Winro Commercial (India) and Parakh Advisors; Dickey Asset Management; India Opportunities XII Investments; J C Flowers Asset Reconstruction; Jaithari Thermal Power; Jakson Ltd; Oriental Structural Engineers; Paschim Sagar Properties; Rashmi Metaliks; Sherisha Technologies; Sigma Corporation (India) Ltd; and Winchain Infrastructures are the other bidders.

JAL, which has business interests spanning real estate, cement manufacturing, hospitality, and engineering & construction, was admitted into the Corporate Insolvency Resolution Process (CIRP) through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024.

The company was taken to insolvency proceedings after the conglomerate defaulted on payment of loans. Creditors are claiming a total of a staggering Rs 57,185 crore.

The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India (SBI).

JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport.

It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra.

JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are non-operational.

It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd and several other companies.

Jaypee Group's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency process.

Suraksha Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida. PTI MJH TRB