Committee of Creditors likely to put resolution plan for Jaiprakash Associates to vote in 2 weeks, sources say Adani Enterprises plan scores highest - World News Network

New Delhi [India], November 9 (ANI): Conglomerate Jaiprakash Associates Limited, which has been under deep financial stress along with several financial creditors and thousands of homebuyers, will soon see light at the end of the tunnel with the resolution process expected to conclude soon, sources in the know said Sunday.
Jaiprakash Associates Limited was admitted under Insolvency and Bankruptcy Code on June 3, 2024, and an independent professional was appointed as resolution professional (RO).
The resolution professional invited claims from all the stakeholders, the financial creditors submitted claims of Rs 56,000 crore of which claims of Rs 55,370 were admitted. Other key stakeholders in the insolvency proceedings are the homebuyers which have admitted claims of Rs 2,000 crore, it is understood from the sources.
The resolution process before and after admission dragged for several years and lenders out of desperation finally sold their debt to National Asset Reconstruction Company Limited (NARCL) in March 2025, the sources said.
However, the homebuyers had no option but to continue in the process. They have undelivered units in Jaypee Sports City, Jaypee Wishtown and Jaypee Greens, the sources asserted.
The resolution professional invited resolution plans for Jaiprakash Associates Limited and received plans from five applicants – Dalmia Cement (Bharat) Limited, Vedanta Limited, Adani Enterprises Limited, Jindal Power Limited and PNC Infratech Limited, the sources said. All the bidders were instructed to submit an unconditional resolution plan taking into account interest of all the stakeholders in the process including the homebuyers.
However, according to the sources, only Adani Enterprises Limited submitted an “unconditional resolution plan” with the highest bid amount amongst the applicants and offering the homebuyers possession of their units “within specified timelines as per court instructions.”
Subsequently, a challenge process was conducted to increase the value offered to Secured Financial Creditors wherein Vedanta submitted the highest bid, the sources further said. Further negotiations were conducted with the resolution applicants to ensure that resolution plan improves the offers to other stakeholders as well and provides a comprehensive resolution plan to all the stakeholders.
A source who wished to be anonymous, said, it is understood that the Committee of Creditors met last week to deliberate on the comprehensive resolution plans and evaluate them for feasibility and viability.
The CoC has also evaluated the resolution plans on the basis of Evaluation Matrix and have scored the resolution plan of Adani Enterprise Limited as the Highest, the source said, followed by Dalmia Cement Bharat and then Vedanta Limited.
Now the resolution plan shall be put to vote by the CoC in next 2 weeks.
It is also understood that the payments in Dalmia’s plans is contingent upon the SC judgement on the pending JAL YEIDA matter, Adani is offering the payment to the lenders within 2 years, while Vedanta is offering back ended payments over 5 years, the sources said.
Last week, the erstwhile promoters also submitted their offer to settle with the lenders, however no clear sources of funds were cited, and such offers, according to the sources, are usually given with the intent to derail the resolution process.
Earlier, the promoters raised objections to the process and tried to obtain stay, however it was not granted by the courts, the sources said.
On the overall evaluation of the plans and treatment of all the stakeholders, it is expected now that the CoC may vote for Adani Enterprises Limited for resolution and turnaround of Jaiprakash Associates Limited.
Meanwhile, the homebuyers are looking forward to an expedited resolution of Jaiprakash Associated Limited and appear to prefer resolution plan of Adani as it provides them with certainty of delivery of their homes and is in line with the requests made by their Authorized Representative sitting in the CoC, it is understood.
The resolution of Jaiprakash Associates Limited will provide the much needed financial and delivery certainty to the financial creditors and thousands of homebuyers. It will also clear the way for resolution of its associate Jaiprakash Power Ventures Limited.
Homebuyers represent more than one thousand families whose lives and savings are intertwined with the fate of this resolution process.
The sources added that the homebuyers have endured unprecedented hardship over several years and had invested their life savings into these homes, often borrowing heavily. This subjugated them to severe financial hardship by having to simultaneously bear EMIs and rents with no end date.
The prolonged uncertainty and delays have created a cascade of problems for all the homebuyers and affect every aspect of their lives.
The financial stress and insolvency impacted other businesses of Jaiprakash Associates including Cement manufacturing units which have been shut for more than a year as well as Engineering, Procurement and Construction (EPC) projects of national importance such as Pakal Dul Dam project in Jammu and Kashmir, Srisailam Canal project in Andhra Pradesh, etc, it is understood. The EPC projects have faced delays on account of insolvency of Jaiprakash Associates. Timely completion of these key projects requires a successful resolution and turnaround of Jaiprakash Associates.
According to the sources, the resolution process faced a further setback when Allahabad High Court ruled in favour of Yamuna Expressway Industrial Development Authority (YEIDA) in an ongoing litigation involving Jaypee Sports City and maintained termination of the Sports City land allotted to Jaiprakash Associates Ltd.
Currently the matter is sub-judice in Supreme Court.
The resolution process has been dragging on for years now with homebuyers awaiting delivery of their units for around a decade now. (ANI)

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