Adani Group likely to acquire Jaiprakash Associates by insolvency

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Adani Group likely to acquire Jaiprakash Associates by insolvency - Business Standard

Quick Summary:

Jaypee Group's flagship firm JAL, which is into cement, power, hotels, construction and real estate businesses, has been admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, through an order dated June 3, 2024, passed by the National Company Law Tribunal, Allahabad Bench.

Earlier this month, the National Company Law Tribunal (NCLT) directed that the resolution plans to acquire JAL through the insolvency process should be invited for the entire company as a going concern and not by dividing its different business verticals.

Business conglomerate Adani Group has shown interest in acquiring Jaiprakash Associates Ltd (JAL) through an insolvency process, according to sources.