With debts exceeding ₹57,000 crore, lenders are optimistic that serious contenders will step forward following previous extensions of the deadline.
According to sources speaking to CNBC-TV18, up to 25 entities have expressed interest in acquiring the company under the Insolvency and Bankruptcy Code (IBC). This list features several prominent corporations, including Adani Enterprises, Dalmia Cement, Jindal India Power, Oberoi Realty, Patanjali Ayurveda, Torrent Power, and Vedanta.
In addition to major corporations, numerous financial entities and asset reconstruction companies (ARCs) have also displayed interest. These include Authum Investment, Oaktree, JC Flowers ARC, and Kotak Alternate Asset Managers, among others.
The deadline for final bid submissions closes tonight, with the bids anticipated to be revealed at a lenders’ meeting scheduled for Wednesday, June 25.
Jaiprakash Associates, the flagship entity of the Jaypee Group, operates across various sectors including real estate, hospitality, cement, engineering, and construction.
The company was first flagged by the Reserve Bank of India for insolvency proceedings in 2017 but was formally admitted to the IBC process only last year after an extended timeline.
Given its varied asset portfolio and a distinguished group of potential bidders, all attention is now focused on how this bidding contest will proceed.
(Edited by : Ajay Vaishnav)
