- Likely to outbid Vedanta with faster two-year payment plan
- CoC expected to vote in favour of Adani for resolution of rs 60,000-crore insolvency case
NE BUSINESS BUREAU
NEW DELHI, NOV 9
Adani Enterprises Ltd is set to emerge as the highest bidder for the debt-laden Jaiprakash Associates Ltd (JAL) under the ongoing insolvency process, with its offer of completing payments within two years found to be superior to Vedanta Group’s five-year payment proposal, according to sources close to the development.
The turnaround in the bidding dynamics marks a key phase in the Rs 60,000-crore insolvency case, which involves one of India’s most diversified infrastructure conglomerates with interests spanning real estate, cement, power, hotels, and roads.
Adani’s Offer Gains Ground
The Committee of Creditors (CoC) met last week to evaluate the final resolution plans submitted by five shortlisted bidders — Adani Enterprises, Vedanta Ltd, Dalmia Cement (Bharat) Ltd, Jindal Power Ltd, and PNC Infratech Ltd. The CoC, using a defined evaluation matrix, scored Adani’s proposal as the most viable, followed by Dalmia Cement and Vedanta.
“Adani’s proposal ensures quicker realisation for lenders and a credible path to turnaround,” a source familiar with the discussions said. “The CoC is likely to vote in favour of Adani Enterprises within the next two weeks.”
Vedanta’s Early Lead Narrowed
Earlier in September, Vedanta had briefly led the race with a net present value (NPV) offer of Rs 12,505 crore, surpassing Adani’s initial bid during the challenge process. However, subsequent negotiations prompted bidders to revise and enhance their offers. Adani’s updated plan, offering full payment within two years, ultimately proved more attractive to lenders seeking timely recovery.
Dalmia Cement’s proposal, sources added, was contingent on a pending Supreme Court verdict related to land disputes between JAL and the Yamuna Expressway Industrial Development Authority (YEIDA), which made its offer less certain.
Background and Financial Details
Jaiprakash Associates, part of the Jaypee Group, was admitted into insolvency proceedings by the National Company Law Tribunal (NCLT), Allahabad Bench, on June 3, 2024, following defaults on multiple loan repayments. The company owes over Rs 60,000 crore to financial creditors, including the National Asset Reconstruction Company Ltd (NARCL), which acquired major JAL exposures from a consortium led by the State Bank of India.
JAL’s diversified portfolio includes major real estate assets such as Jaypee Greens in Greater Noida, Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City near the upcoming Jewar International Airport. The company also has four cement plants in Madhya Pradesh and Uttar Pradesh (currently non-operational), hotels in Delhi-NCR, Mussoorie, and Agra, and infrastructure assets such as the Yamuna Expressway and Pakal Dul Dam project in Jammu & Kashmir.
Resolution Outlook
The resolution process, which began with 25 initial expressions of interest in April 2025, has now narrowed down to three credible contenders. Insiders say Adani’s quick-payment structure and proven turnaround record in infrastructure assets make its proposal the front-runner for approval.
“The Adani Group’s financial strength and operational expertise align with the long-term revival of JAL’s diversified businesses,” another source noted. “The CoC is expected to put the resolution plan to vote shortly.”
If approved, this acquisition will mark another major milestone for Adani Enterprises in expanding its footprint across India’s core infrastructure and real estate sectors — and could finally set in motion the long-awaited recovery of one of India’s most high-profile debt-stressed companies.
