With the CCI approval in place, the ball is now in the court of the Committee of Creditors of Jaiprakash Associates.
NEW DELHI (India CSR): In a major development in India’s insolvency space, the Competition Commission of India (CCI) has granted in-principle approval to Naveen Jindal-led Jindal Power Ltd to acquire Jaiprakash Associates Ltd (JAL), the debt-laden flagship of the Jaypee Group. Admitted to corporate insolvency by NCLT Allahabad on June 3, 2024, JAL faces Rs. 57,185 crore in debt claims, led by the National Asset Reconstruction Company Ltd (NARCL).
The group’s assets span real estate, hospitality, and cement, making it one of the most high-profile…