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Jaiprakash Associates Receives Five Final Bids Valued Up to Rs11,000 Crore

The Committee of Creditors has begun reviewing five offers that seek to rescue the debt-laden conglomerate holding over Rs57,000 crore in liabilities

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Overview

  • Five firms including Adani Enterprises, Vedanta, Jindal Steel & Power, Dalmia Bharat and PSP Projects submitted resolution plans by the June 24 deadline
  • Committee of Creditors opened the bids on June 25 and has started evaluating each proposal’s value and structure
  • Suraksha Group’s bid via Jaypee Infratech was disqualified after failing to provide the mandatory bank guarantee
  • NARCL leads a consortium of creditors including SBI, Punjab National Bank, ICICI Bank and IDBI Bank with total claims exceeding Rs57,000 crore
  • Creditors say they may opt for a piecemeal sale of cement, power, real estate and hospitality assets if no proposal meets recovery targets