In a keenly contested corporate battle, as many as 26 companies, including Gautam Adani’s Adani Enterprises, Anil Agarwal’s Vedanta, and Baba Ramdev’s Patanjali Ayurveda, have shown expressions of interest (EoIs) to buy the embattled Jaiprakash Associates Ltd (JAL), whose debt piled up during its heyday under the Jaypee Group. The company, the flagship of the erstwhile prospering Jaypee Group, is facing insolvency proceedings launched by the National Company Law Tribunal (NCLT), Allahabad Bench, under the Corporate Insolvency Resolution Process (CIRP).
The insolvency process was initiated following JAL’s default on loans worth an astonishing Rs 57,185 crore. The case was admitted by NCLT on June 3, 2024, and an orderly process to…
