Jaiprakash Associates attracts 25 bidders, including Adani and Vedanta

Jaiprakash Associates Limited (JAL), the debt-laden infrastructure giant of the Jaypee Group, has moved closer to resolving its financial woes as 25 entities, including Adani Enterprises, Dalmia Cement, Vedanta Limited, and its subsidiary Jaypee Infratech Limited, have been shortlisted as eligible bidders in its Corporate Insolvency Resolution Process (CIRP), according to a regulatory filing dated April 19, 2025.

The Resolution Professional (RP), Bhuvan Madan, informed the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) that the final list of Prospective Resolution Applicants (PRAs) was prepared after evaluating Expressions of Interest (EOIs) submitted in response to a January 2025 invitation. The list, compliant with Insolvency and Bankruptcy Board of India (IBBI) regulations, includes prominent names such as Torrent Power, Kotak Alternate Asset Managers, and Patanjali Ayurveda, signaling strong investor interest in JAL’s assets.

Jaiprakash Associates, part of the Jaypee Group, has been embroiled in financial distress for nearly a decade, with liabilities exceeding Rs 30,000 crore. The company’s troubles began after delays in infrastructure projects, including the Yamuna Expressway, and defaults on loans. Its subsidiary, Jaypee Infratech, has been undergoing a separate insolvency process since 2017, marred by litigation and multiple failed bids. Notably, Jaypee Infratech’s inclusion as a bidder for JAL raises questions about intra-group resolution strategies, though regulators permit such bids if compliant with eligibility criteria.

The participation of major conglomerates like Adani and Vedanta highlights the value of JAL’s infrastructure and real estate assets. Analysts suggest these firms may aim to acquire JAL’s highways, cement plants, or land banks. However, past disputes in Jaypee Infratech’s resolution—where homebuyers protested delays—could cast a shadow over this process. The RP’s disclosure cautions that inclusion in the list does not guarantee approval, as the Committee of Creditors (CoC) retains final authority under IBC guidelines.

The shortlisted PRAs will now submit resolution plans, which the CoC will evaluate based on feasibility, upfront payments, and value maximization for stakeholders. JAL’s resolution is critical for thousands of creditors and homebuyers awaiting compensation. The RP emphasized that any future discovery of ineligibility could disqualify bidders, ensuring rigorous compliance checks.

The list of Prospective Resolution Applicant

Also see: Assets of Jaiprakash Associates up for grabs under insolvency process