Voting underway on 5 resolution plans for Jaiprakash Associates; Adani offers more money upfront

Voting is currently underway on all five resolution plans submitted for the debt-laden Jaiprakash Associates Ltd (JAL), according to people familiar with the matter. The proposals from Vedanta Group, Adani Group, Dalmia Bharat Group, Jindal Power, and PNC Infratech are under consideration by the Committee of Creditors (CoC) led by the Asset Reconstruction Company Ltd (NARCL).

The voting window will remain open until November 20, sources said, adding that the CoC may extend the deadline if required to allow lenders more time to evaluate the proposals.

Among the bids, the Vedanta Group has made the highest offer in absolute terms, proposing around ₹16,000 crore, including ₹3,770 crore upfront and an additional ₹13,000 crore over five years, CNBC-TV18 has learnt from two people directly in the know. In comparison, the Adani Group has submitted a proposal worth ₹13,500 crore, comprising ₹6,005 crore upfront and ₹6,726 crore payable after two years, the people quoted earlier said. In net present value (NPV) terms, Vedanta’s proposal is estimated at around ₹12,505 crore, marginally ahead of Adani’s ₹12,050 crore, sources said.

Also Read: CCI approves Vedanta bid to acquire debt-laden Jaiprakash Associates

While Vedanta’s bid leads in overall value, Adani’s plan is said to offer a higher upfront payment ratio, which could make it more attractive to lenders seeking quicker recovery.

The other three contenders have made comparatively smaller offers. Dalmia Bharat Group is understood to have made an offer of ₹11,600 crore, PNC Infratech ₹11,500 crore, and Jindal Power around ₹6,700 crore, as per people in the know.

Once a prominent infrastructure conglomerate, Jaiprakash Associates is now undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). The company is facing admitted claims of ₹57,185 crore from financial and operational creditors, with NARCL being the lead claimant.

JAL’s assets include cement manufacturing facilities, real estate developments, and infrastructure projects such as toll roads and power plants. However, the Noida Sports City project, once envisioned as a landmark urban township, is now at the centre of legal and financial uncertainty.

The resolution process is being closely watched, given Jaiprakash Associates’ long-standing financial distress and its extensive exposure across infrastructure, cement, and real estate sectors.