Overview of the Resolution Process

The Corporate Insolvency Resolution Process (CIRP) for Jaiprakash Associates Limited (JAL) has made significant strides, with the Resolution Professional (RP) publishing the final list of 25 eligible Prospective Resolution Applicants (PRAs). This recent update follows the initial round in which 26 entities submitted their Expression of Interest (EoIs).

Eligible Prospective Resolution Applicants

The finalized list features a diverse array of prominent companies from various sectors, reflecting broad interest in the potential acquisition of JAL’s assets. The key contenders include:

• Adani Enterprises Limited
• Dalmia Cement (Bharat) Limited
• GMR Business & Consultancy LLP
• Oberoi Realty Limited
• Patanjali Ayurveda Limited
• Torrent Power Limited
• Vedanta Limited

Interestingly, the Asset Reconstruction Company (India) Limited was the only entity from the provisional list that did not qualify for the final roster.

Evaluation and Oversight

The RP’s decision to finalize the list of eligible PRAs was grounded in a comprehensive evaluation process, as required by the Insolvency and Bankruptcy Board of India (IBBI) regulations. This evaluation included rigorous due diligence conducted in collaboration with Deloitte India Insolvency Professionals LLP, which is providing assistance throughout the resolution process.

Context of the Insolvency Proceedings

This development follows the National Company Law Appellate Tribunal’s (NCLAT) affirmation of JAL’s admission into insolvency proceedings last year, which upheld the order originally issued by the National Company Law Tribunal (NCLT) in response to a petition from ICICI Bank.

Next Steps in the Process

The involvement of a varied group of companies—from infrastructure to real estate—highlights significant interest in JAL’s assets. The next phase will require the 25 eligible PRAs to submit their resolution plans, laying out strategies to revive the financially troubled infrastructure firm.