India’s anti-trust regulator, Competition Commission of India (CCI), on Tuesday (September 30) granted in-principle approval to Naveen Jindal-led Jindal Power Ltd to acquire debt-laden Jaiprakash Associates Ltd (JAL), subject to winning the ongoing insolvency bid.
The move comes as part of CCI’s clearance for resolution plan submissions under the Insolvency and Bankruptcy Code (IBC).
“Commission approves acquisition of Jaiprakash Associates Limited by Jindal Power Ltd,” the regulator announced on X.
Following a Supreme Court ruling on IBC provisions, companies must secure CCI approval before presenting their resolution plans to the Committee of Creditors (CoC). The CoC of JAL is currently reviewing the resolution plans, and voting…