Jaiprakash Associates Ltd (JAL), a part of the Jaypee Group, is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). The company was admitted into CIRP by the National Company Law Tribunal (NCLT), Allahabad Bench, on June 3, 2024, after defaulting on loan payments of staggering Rs 57,185 crore.

As the insolvency process nears its final stages, five companies have submitted resolution plans to acquire the bankrupt firm. These include Adani Enterprises, Vedanta, Dalmia Bharat Cement, Jindal Power, and PNC Infratech. Lenders of Jaiprakash Associates Ltd met on Wednesday, June 25, 2025, to open and assess the bids submitted by these interested parties, marking a crucial step in the resolution process.

Earlier in April 2025, around 25 companies had shown initial interest in acquiring JAL, highlighting the attractiveness of its assets despite its debt burden. The final date for submitting resolution plans was extended to June 24, 2025, following requests from prospective bidders.

JAL has significant business interests in various sectors, including real estate, cement manufacturing, hospitality, engineering, and construction. Its major real estate projects include Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport. Additionally, JAL has three commercial/industrial office spaces in Delhi-NCR and five hotel properties in Delhi-NCR, Mussoorie, and Agra. The company also owns four non-operational cement plants in Madhya Pradesh and Uttar Pradesh, along with leased limestone mines in Madhya Pradesh. Furthermore, JAL holds investments in subsidiaries like Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, and Jaypee Infrastructure Development Ltd.

Each of the bidding companies brings unique strategic interests to the table. Adani and Vedanta, both expanding in infrastructure, could leverage JAL's real estate and hospitality portfolios. Dalmia Bharat Cement is likely eyeing JAL's cement plants, while Suraksha Group, which recently acquired Jaypee Infratech, may seek to integrate operations.

The National Asset Reconstruction Company Ltd (NARCL) leads the list of creditors, having acquired the stressed JAL loans from a consortium of lenders headed by the State Bank of India (SBI).

The resolution process has attracted considerable attention due to JAL's diverse portfolio and the potential for unlocking value from its assets. The Committee of Creditors (CoC) is expected to thoroughly evaluate the resolution plans, and negotiations with the bidders will follow. The final selection of a resolution plan is anticipated in the coming weeks.

The outcome of this insolvency process will be critical in determining the future of Jaiprakash Associates and its various stakeholders. It also highlights the challenges and opportunities in resolving large corporate debts through the IBC framework.