Lenders of Jaiprakash Associates Ltd (JAL), which is facing insolvency proceedings, will meet on Friday to discuss ‘challenge process’ to be conducted by the resolution professional among five bidders to maximise the value of the assets of the debt-ridden company. The Committee of Creditors (CoC) meeting is scheduled on September 5.
Adani Group, Dalmia Bharat, Vedanta Group, Jindal Power and PNC Infratech have submitted bids to acquire JAL.
According to sources, the CoC during its meeting held on August 22, decided to carry out further commercial negotiations with each of the Resolution Applicants to maximizing the value of assets of JAL.
To achieve this objective, a note was circulated to conduct the challenge process, which means the…