With creditors claiming over ₹57,000 crore, Adani and other contenders move closer to reviving JAL’s real estate and cement assets.

CCI Clears Adani Group’s Bid for Debt-Laden Jaiprakash Associates Amid Insolvency.                                                                                                                             

The Competition Commission of India (CCI) has approved Adani Group’s proposal to acquire debt-ridden Jaiprakash Associates Ltd (JAL), a move tied to the ongoing insolvency process. The clearance allows Adani to submit its resolution plan to the Committee of Creditors (CoC) for voting. Apart from Adani, Dalmia Bharat’s proposal has also been cleared, while Vedanta Group, Jindal Power, and PNC Infratech have sought approvals. JAL, admitted to insolvency by NCLT Allahabad in June 2024, faces creditor claims of ₹57,185 crore, with NARCL emerging as the largest claimant after taking over loans from an SBI-led consortium. JAL’s assets include Jaypee Greens in Greater Noida, Wishtown in Noida, Jaypee International Sports City near Jewar Airport, hotels, and non-operational cement plants in UP and MP. The outcome of the CoC’s review and vote will decide the future ownership of JAL, once a major infrastructure and real estate player.