The Competition Commission of India (CCI) has given in-principle approval to the Adani Group for acquiring Jaiprakash Associates Ltd (JAL), a conglomerate currently undergoing corporate insolvency resolution proceedings. The approval allows Adani Enterprises Ltd (AEL), Adani Infrastructure and Developers Pvt Ltd (AIDPL), or any other entity within the Adani Group to acquire up to 100% shareholding of JAL, contingent on winning the bid in the ongoing insolvency process.
The CCI clearance is a critical step following a Supreme Court ruling that emphasised the necessity of competition regulator approval before a resolution plan can be submitted and voted on by the Committee of Creditors (CoC). This requirement ensures that any acquisition under the Insolvency and Bankruptcy Code (IBC) does not compromise market competition while enabling a smooth resolution process.
Jaiprakash Associates was admitted into the corporate insolvency resolution process (CIRP) by the National Company Law Tribunal (NCLT), Allahabad Bench, in June 2024, after the company defaulted on loan payments. The total claims against JAL by creditors amount to ₹57,185 crore. The National Asset Reconstruction Company Ltd (NARCL) tops the list of claimants, having acquired stressed loans of JAL from a consortium led by the State Bank of India.
The Adani Group is not the only entity seeking to take over JAL. Dalmia Bharat’s proposal for acquisition has also received clearance from the CCI. Several other corporate players, including Vedanta Group, Jindal Power, and PNC Infratech, have approached the regulator to seek approval for submitting resolution plans to the CoC. The Committee of Creditors is currently reviewing all resolution proposals, with voting scheduled in due course.
JAL’s portfolio includes major real estate developments such as Jaypee Greens in Greater Noida, Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City near the upcoming Jewar International Airport. In addition, the company owns three commercial and industrial office spaces in Delhi-NCR and operates a hotel division with five properties in Delhi-NCR, Mussoorie, and Agra.
Beyond real estate, Jaiprakash Associates has four cement plants located in Madhya Pradesh and Uttar Pradesh, as well as leased limestone mines in Madhya Pradesh. These cement plants are currently non-operational. The group also holds investments in several subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, and Jaypee Infrastructure Development Ltd, among others.
The approval for Adani Group’s acquisition aligns with the ongoing trend of corporate asset monetisation in India’s insolvency ecosystem. By acquiring a controlling stake in JAL, the group can access both operational and non-operational assets, including strategically located real estate, cement plants, and subsidiary stakes. Such acquisitions provide an opportunity for corporates to integrate distressed assets into their portfolio while contributing to the resolution of long-pending financial obligations.
Previously, Jaypee Group’s infrastructure arm, Jaypee Infratech, was acquired by Mumbai-based Suraksha Group through an insolvency process. Suraksha Group is currently tasked with completing multiple stalled projects, including around 20,000 residential apartments in Noida and Greater Noida. Similarly, a successful acquisition of JAL by the Adani Group would potentially unlock the resolution of several pending operational and real estate assets, providing stability to the company’s stakeholders and creditors.
The ongoing CCI approval and resolution process also reflect the increasing regulatory oversight over corporate insolvency cases in India. By ensuring that acquisitions are compliant with competition laws, the CCI helps maintain market balance while enabling corporate restructuring under the IBC framework.
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