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Bidders file fresh JAL plans as CoC weighs challenge round decision
The revised plans, however, are only marginally different from the originals for most bidders, with some conditionalities still attached.
Meanwhile, PNC Infratech has become the third bidder to seek approval from the Competition Commission of India (CCI) for its proposal to acquire JAL, after the Adani Group and Dalmia Bharat. The CCI cleared Dalmia Bharat's plan on 5 August. The proposals from Adani Group and PNC Infra remain under review by the antitrust regulator.
The CoC has separately met bidders — Adani Group, Dalmia Group, Vedanta Group, Jindal Power (JPL), and PNC Infratech — to review the commercial and legal aspects of their plans.
Most bids remain contingent on the outcome of a legal case over Jaiprakash's 1,000-hectare Sports City project in Greater Noida. Jaypee Infratech, now owned by Mumbai-based Suraksha Group, is planning to move the courts to appeal against the rejection of its offer by the Resolution Professional (RP). The RP had rejected its bid citing the absence of an adequate earnest money deposit.
In March, the Allahabad High Court upheld the Yamuna Expressway Industrial Development Authority's (Yeida) decision to cancel the land allotment. The matter is now pending before the Supreme Court.
Creditors' total admitted claims against JAL stand at over Rs 59,000 crore. Under all offers, banks would take a haircut of up to 79 per cent of their claims.
JAL entered insolvency on 3 June 2024. Its assets span cement, real estate, infrastructure, hospitality, and marquee developments such as Jaypee Greens, Wish Town, and the International Sports City near the upcoming Jewar Airport.
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