Latest news with #JaiprakashAssociatesLtd
Time of India
5 days ago
- Business
- Time of India
CCI okays Dalmia Bharat's proposal to acquire Jaiprakash Associates
NEW DELHI: The Competition Commission of India (CCI) on Tuesday approved Dalmia Bharat 's proposal to acquire the debt-laden Jaiprakash Associates Ltd (JAL), which is going through the insolvency resolution process. Under the provision of the Insolvency and Bankruptcy Code (IBC), an approval from the competition watchdog is a key requirement for submission of resolution plan to participate in the bidding process. Besides Dalmia Bharat, several other players that have shown their interest to acquire the debt ridden JAL, which operates from cement to real estate, hospitality to fertiliser plant. Players as billionaire Gautam Adani-led Adani Enterprises, Vedanta Group, Jindal Power, and PNC Infratech have also approached CCI to seek its nod for submission of their respective resolution plan to the lender's body Committee of Creditors (CoC). A Supreme Court's directive mandates obtaining CCI approval before the committee of creditors can vote on any resolution plan that qualifies as a combination under the Competition Act. "The proposed combination envisages 100 per cent acquisition of Jaiprakash Associates Ltd (JAL) by Dalmia Cement (Bharat) Ltd (acquirer) pursuant to a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC)," the regulator said in a release. Dalmia Cement (Bharat) Ltd is a wholly owned subsidiary of Dalmia Bharat Ltd (DBL), which is the flagship company of the Dalmia Bharat Group. DBL is primarily engaged in the manufacture and sale of cement. On the other hand, Jaiprakash Associates operates in multiple sectors including cement, real estate, hospitality, and engineering, procurement and construction. JAL is engaged in diverse business activities viz, real estate, cement, hospitality, engineering, procurement, and construction. "Commission approves proposed acquisition of Jaiprakash Associates Ltd by Dalmia Cement (Bharat) Ltd," CCI said in a post on X. A similar combination notice has also been filed with the CCI by the Adani Group as part of the same insolvency process. JAL was admitted into the CIRP through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024. It was taken to insolvency proceedings after the conglomerate defaulted on the payment of loans. Creditors are claiming a staggering Rs 57,185 crore. The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India. JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport. It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are non-operational. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other and several other companies. Jaypee Group's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency process. Suraksha Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida.
Time of India
6 days ago
- Business
- Time of India
CCI okays Dalmia Bharat's proposal to acquire Jaiprakash Associates
The Competition Commission of India (CCI) on Tuesday approved Dalmia Bharat 's proposal to acquire the debt-laden Jaiprakash Associates Ltd (JAL), which is going through the insolvency resolution process . Under the provision of the Insolvency and Bankruptcy Code (IBC), an approval from the competition watchdog is a key requirement for submission of resolution plan to participate in the bidding process. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Besides Dalmia Bharat, several other players that have shown their interest to acquire the debt ridden JAL, which operates from cement to real estate, hospitality to fertiliser plant. Players as billionaire Gautam Adani-led Adani Enterprises, Vedanta Group, Jindal Power, and PNC Infratech have also approached CCI to seek its nod for submission of their respective resolution plan to the lender's body Committee of Creditors (CoC). A Supreme Court's directive mandates obtaining CCI approval before the committee of creditors can vote on any resolution plan that qualifies as a combination under the Competition Act. Live Events "The proposed combination envisages 100 per cent acquisition of Jaiprakash Associates Ltd (JAL) by Dalmia Cement (Bharat) Ltd (acquirer) pursuant to a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC)," the regulator said in a release. Dalmia Cement (Bharat) Ltd is a wholly owned subsidiary of Dalmia Bharat Ltd (DBL), which is the flagship company of the Dalmia Bharat Group. DBL is primarily engaged in the manufacture and sale of cement. On the other hand, Jaiprakash Associates operates in multiple sectors including cement, real estate, hospitality, and engineering, procurement and construction. JAL is engaged in diverse business activities viz, real estate, cement, hospitality, engineering, procurement, and construction. "Commission approves proposed acquisition of Jaiprakash Associates Ltd by Dalmia Cement (Bharat) Ltd," CCI said in a post on X. A similar combination notice has also been filed with the CCI by the Adani Group as part of the same insolvency process. JAL was admitted into the CIRP through the National Company Law Tribunal , Allahabad Bench, order dated June 3, 2024. It was taken to insolvency proceedings after the conglomerate defaulted on the payment of loans. Creditors are claiming a staggering Rs 57,185 crore. The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India . JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport. It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are non-operational. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other and several other companies. Jaypee Group 's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency process. Suraksha Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida.
Time of India
6 days ago
- Business
- Time of India
JAL insolvency: CCI clears Dalmia Bharat's bid to acquire Jaiprakash Associates; other bidders include Adani, Vedanta, Jindal Power
The Competition Commission of India (CCI) has approved Dalmia Bharat's proposal to fully acquire the debt-laden Jaiprakash Associates Ltd (JAL), clearing a key hurdle in the latter's ongoing insolvency process. The green light from the antitrust regulator allows Dalmia Cement (Bharat) Ltd, a wholly owned subsidiary of Dalmia Bharat Ltd, to submit its resolution plan for JAL, PTI reported. The deal qualifies as a 'combination' under the Competition Act, and a Supreme Court mandate requires CCI's clearance before any such plan can be voted on by the Committee of Creditors (CoC). "The proposed combination envisages 100 per cent acquisition of Jaiprakash Associates Ltd by Dalmia Cement (Bharat) Ltd pursuant to a corporate insolvency resolution process under the Insolvency and Bankruptcy Code," the CCI said in a statement. Jaiprakash Associates, a diversified conglomerate with interests in cement, real estate, hospitality, and EPC (engineering, procurement, and construction), is facing claims of Rs 57,185 crore from creditors. It was admitted into insolvency by the Allahabad bench of the National Company Law Tribunal on June 3, 2024. Other major bidders, including Adani Enterprises, Vedanta Group, Jindal Power, and PNC Infratech, have also filed similar combination notices with CCI to participate in the insolvency bidding. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Find the Lowest Auto Insurance Rates in Your Area AutoSaveMax Get Quote Undo The National Asset Reconstruction Company Ltd (NARCL) leads the creditor claims, having taken over JAL's loans from a consortium led by the State Bank of India. JAL's real estate assets include landmark developments such as Jaypee Greens in Greater Noida, Wishtown in Noida, and the Jaypee International Sports City near the upcoming Jewar International Airport. It also owns commercial spaces in Delhi-NCR and operates five hotels in Delhi-NCR, Mussoorie, and Agra. In the cement sector, JAL has four non-operational plants in Madhya Pradesh and Uttar Pradesh, along with leased limestone mines. It also holds stakes in group companies including Jaiprakash Power Ventures, Yamuna Expressway Tolling, and Jaypee Infrastructure Development. The larger Jaypee Group has already seen one key asset, Jaypee Infratech, acquired by Mumbai-based Suraksha Group through a separate insolvency process. Suraksha is tasked with delivering nearly 20,000 stalled housing units across Noida and Greater Noida. Stay informed with the latest business news, updates on bank holidays and public holidays .
News18
6 days ago
- Business
- News18
CCI okays Dalmia Bharats proposal to acquire Jaiprakash Associates
Last Updated: New Delhi, Aug 5 (PTI) The Competition Commission of India (CCI) on Tuesday approved Dalmia Bharat's proposal to acquire the debt-laden Jaiprakash Associates Ltd (JAL), which is going through the insolvency resolution process. Under the provision of the Insolvency and Bankruptcy Code (IBC), an approval from the competition watchdog is a key requirement for submission of resolution plan to participate in the bidding process. Besides Dalmia Bharat, several other players that have shown their interest to acquire the debt ridden JAL, which operates from cement to real estate, hospitality to fertiliser plant. Players as billionaire Gautam Adani-led Adani Enterprises, Vedanta Group, Jindal Power, and PNC Infratech have also approached CCI to seek its nod for submission of their respective resolution plan to the lender's body Committee of Creditors (CoC). A Supreme Court's directive mandates obtaining CCI approval before the committee of creditors can vote on any resolution plan that qualifies as a combination under the Competition Act. 'The proposed combination envisages 100 per cent acquisition of Jaiprakash Associates Ltd (JAL) by Dalmia Cement (Bharat) Ltd (acquirer) pursuant to a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC)," the regulator said in a release. Dalmia Cement (Bharat) Ltd is a wholly owned subsidiary of Dalmia Bharat Ltd (DBL), which is the flagship company of the Dalmia Bharat Group. DBL is primarily engaged in the manufacture and sale of cement. On the other hand, Jaiprakash Associates operates in multiple sectors including cement, real estate, hospitality, and engineering, procurement and construction. JAL is engaged in diverse business activities viz, real estate, cement, hospitality, engineering, procurement, and construction. 'Commission approves proposed acquisition of Jaiprakash Associates Ltd by Dalmia Cement (Bharat) Ltd," CCI said in a post on X. A similar combination notice has also been filed with the CCI by the Adani Group as part of the same insolvency process. JAL was admitted into the CIRP through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024. It was taken to insolvency proceedings after the conglomerate defaulted on the payment of loans. Creditors are claiming a staggering Rs 57,185 crore. The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India. JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport. It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are non-operational. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other and several other companies. Jaypee Group's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency process. Suraksha Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida. PTI HG KRH TRB (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: August 05, 2025, 20:00 IST News agency-feeds CCI okays Dalmia Bharats proposal to acquire Jaiprakash Associates Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
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Business Standard
03-08-2025
- Business
- Business Standard
Jaiprakash bankruptcy case heads to court after bid rejection over EMD
New Delhi-based real estate firm Jaiprakash Infratech Ltd is preparing to challenge in court the rejection of its bid to acquire Jaiprakash Associates Ltd, potentially delaying the bankruptcy resolution of the debt-laden infrastructure and cement major. Lenders turned down Jaiprakash Infratech's offer citing an insufficient earnest money deposit (EMD), according to people familiar with the matter. The company had proposed a lien over fixed deposits in place of a ₹100 crore deposit. However, the bid was rejected on grounds of non-compliance with the prescribed format and delays in submission. 'The lien over the fixed deposits was legally valid and submitted on time,' said a person close to the company, who asked not to be named. 'We have no option but to move the court and remain in the race.' Jaiprakash Infratech was taken over by Mumbai-based Suraksha Group in June 2024. The firm is currently focused on completing stalled housing projects that have left homebuyers waiting for over a decade. Jaiprakash Associates was referred for debt resolution after defaulting on loans worth ₹57,000 crore. In March, Indian lenders transferred the dues to the National Asset Reconstruction Company (NARCL). The resolution process may now face further delay, even as Gautam Adani's group has emerged as the lead contender with an unconditional bid. Competing offers from Dalmia Bharat, Vedanta Group, Jindal Power, and PNC Infratech reportedly include various conditions. Lenders have asked all bidders to submit revised, unconditional offers as the process progresses. Several of the conditional offers hinge on the fate of Jaiprakash Associates' 1,000-hectare Sports City project in Greater Noida. In March, the Allahabad High Court upheld the cancellation of land allotment for the project by the Yamuna Expressway Industrial Development Authority. That decision is currently under appeal in the Supreme Court.
