- Jaypee founder endorses lenders’ call amid high-stakes insolvency battle
- ₹14,535 crore Adani bid gets NCLT nod; Vedanta challenge moves to NCLAT
- Confidence in Gautam Adani to carry forward JAL’s industrial legacy
- Case seen as a defining test of India’s insolvency framework and creditor primacy
NE BUSINESS BUREAU
NEW DELHI, APR 10
In a crucial endorsement amid one of India’s closely watched insolvency battles, Jaiprakash Gaur, founder of the Jaypee Group, has backed the decision of lenders to select the Adani Group as the successful bidder for acquiring assets of bankrupt Jaiprakash Associates Ltd (JAL).
Throwing his weight behind the Committee of Creditors (CoC), Gaur stated: “The committee of creditors have selected Adani Group as the successful bidder for Jayprakash Associates Ltd (JAL) and we fully respect the decision.”
The development follows the approval of Adani Group’s ₹14,535 crore resolution plan by the Allahabad bench of the National Company Law Tribunal (NCLT)—a move that has triggered fresh legal contest after the Vedanta Group challenged the outcome before the National Company Law Appellate Tribunal (NCLAT), citing its higher bid of ₹17,926 crore.
Despite the competing claims, Gaur expressed optimism about the future of the embattled infrastructure major under new leadership: “We are confident that under Gautam Adani’s leadership, the legacy of Jayprakash Associates will be carried forward.”
He also lauded the conduct of the insolvency process, emphasising transparency and fairness: “We appreciate the fair and transparent process conducted by the Committee of Creditors (CoC) of JAL and the resolution professional.”
Acknowledging the intense bidding war, Gaur extended gratitude to both major contenders:
“We thank Adani and Vedanta groups for participating in the insolvency process.”
Industry observers note that the case underscores the evolving strength of India’s Insolvency and Bankruptcy Code (IBC), where creditor wisdom and commercial viability take precedence over headline bid values. The final outcome at the appellate stage is expected to further shape jurisprudence around resolution processes and bidder selection.
With JAL’s diverse portfolio spanning cement, power and infrastructure, the acquisition is poised to significantly bolster Adani Group’s footprint, while also testing the resilience of India’s insolvency ecosystem.
