Overview

• The Competition Commission of India granted in-principle approval for Adani Group entities to acquire up to 100% of Jaiprakash Associates, with a detailed order to follow.
• Under a recent Supreme Court interpretation, bidders must secure CCI clearance before submitting plans for consideration or voting by the Committee of Creditors.
• The Committee of Creditors is still reviewing proposals, with Dalmia Bharat’s competing plan already cleared by CCI and other suitors such as Vedanta, Jindal Power and PNC Infratech seeking approval.
• JAL entered insolvency on June 3, 2024, with creditor claims of about Rs 57,185 crore, and NARCL is the largest claimant after buying loans from an SBI-led consortium.
• The company’s value centers on prime real estate in Noida and Greater Noida, five hotels in NCR, Mussoorie and Agra, and four non-operational cement plants in Uttar Pradesh and Madhya Pradesh.