In a closely fought corporate resolution contest, 26 major players such as the Adani Group, Vedanta Ltd, and Patanjali Ayurveda have filed Expressions of Interest (EoIs) to buy the debt-ridden Jaiprakash Associates Ltd (JAL), which is facing insolvency proceedings initiated under the Insolvency and Bankruptcy Code (IBC). The company has over ₹57,185 crore worth of dues to financial creditors.

JAL, which belongs to the erstwhile powerful Jaypee Group, was admitted into the Corporate Insolvency Resolution Process (CIRP) on June 3, 2024, by the Allahabad bench of the National Company Law Tribunal (NCLT). The list of Prospective Resolution Applicants (PRAs) as of Friday was made public through a regulatory filing.

Billionaire Bidders Line Up
The Adani Enterprises Ltd, the flagship company of the Gautam Adani group, is spearheading the bidding consortium. The other big corporate bidders are Vedanta Ltd, controlled by mining tycoon Anil Agarwal, and Patanjali Ayurveda, which is controlled by yoga guru Baba Ramdev.

The interest also cuts across sectors, with Torrent Group, Jindal Power, Dalmia Cement (Bharat) Ltd, Oberoi Realty, and Kotak Alternate Asset Managers Ltd filing their EoIs. This highlights the strategic value of JAL’s diversified asset base in real estate, cement production, hospitality, and infrastructure.

Real Estate Crown Jewels Near Jewar Airport
JAL’s crown jewels include marquee real estate developments such as Jaypee Greens in Greater Noida, Jaypee Wishtown in Noida, and the Jaypee International Sports City, all located close to the future Noida International Airport at Jewar. It has three commercial/industrial properties in the Delhi NCR, five hospitality properties in Delhi, Mussoorie, and Agra, and has investments in various subsidiaries such as Jaiprakash Power Ventures Ltd and Yamuna Expressway Tolling Ltd.

Cement and Power: Strategic Sectoral Pull
JAL possesses four cement plants in Madhya Pradesh and Uttar Pradesh, though presently non-operational, along with leased limestone reserves in Madhya Pradesh. These cement assets are viewed as vital for the likes of Dalmia Cement and Adani Cement, who wish to grow their presence in north-central India.

Worth mentioning here is Suraksha Group, which had earlier purchased Jaypee Infratech in a distinct insolvency procedure, now set to deliver over 20,000 delayed flats in Noida and Greater Noida — a warning example for bidders to enter.

Financial Stakes: NARCL Leads the Pack
The National Asset Reconstruction Company Ltd (NARCL), popularly referred to as India’s “bad bank,” has become the biggest claimant after taking over bad loans from a State Bank of India (SBI)-led consortium. As per JAL’s filing, its aggregate dues to financial institutions as of March 11, 2025, were ₹55,409.28 crore.

Other bidders in the process are:

Asset Reconstruction Company (India) Ltd

GMR Business & Consultancy LLP

Jindal India Power Ltd

Jaypee Infratech Ltd

Winchain Infrastructures

Paschim Sagar Properties

Authum Investment & Infrastructure Ltd

Oriental Structural Engineers

PNC Infratech

Sherisha Technologies

Sigma Corporation

Dickey Asset Management Pvt Ltd

This is the second large insolvency resolution from the Jaypee Group. The previous resolution of Jaypee Infratech has now reached the implementation stage under Suraksha Group’s control.

What Lies Ahead
Industry experts anticipate stiff competition among the PRAs, particularly for JAL’s property portfolio and cement capacity. With asset prices at distressed levels and the new airport in Jewar set to drive valuations higher, bidders are focusing on long-term returns as well as strategic growth.

The Resolution Professional (RP) will now assess all EoIs and release the final list of qualified bidders. The ultimate resolution plan must be approved by the Committee of Creditors (CoC) and the NCLT.

With insolvency resolutions becoming a magnet for India’s top conglomerates, the fight for Jaiprakash Associates is symptomatic of a larger trend — where infrastructure, real estate, and core-sector assets are available for grabs through the IBC route.