Our Bureau
New Delhi
Jaiprakash Gaur, founder of Jaypee Group, has backed the Adani Group’s acquisition of Jaiprakash Associates Ltd (JAL). He expressed full respect for the Committee of Creditors’ (CoC) decision to select Adani as the successful bidder.
Gaur said he has every confidence that under Gautam Adani’s leadership, JAL’s legacy will move forward with renewed energy, responsibility, and purpose. This will ensure the aspirations of all stakeholders are fulfilled. The CoC approved Adani’s ₹14,535 crore bid for the debt-laden company.
Gaur praised the fair and transparent process by the CoC and resolution professional. He thanked both Adani Group and Vedanta Group for taking part in the insolvency proceedings.
The deal faces legal challenges from Vedanta Ltd, which offered a higher bid of ₹17,926 crore. Last month, the Allahabad bench of the National Company Law Tribunal (NCLT) approved Adani’s plan. Vedanta challenged this at the National Company Law Appellate Tribunal (NCLAT).
The Supreme Court this week refused to stop the Adani bid. A bench led by Chief Justice Surya Kant and Justice Joymalya Bagchi told Vedanta and Adani Enterprises Ltd to argue before NCLAT. The top court ordered JAL’s monitoring committee not to make major policy decisions without NCLAT approval.
This support from Gaur comes at a key time amid the tussle over JAL. The company has been under insolvency for years due to huge debts. Adani’s win could bring fresh life to its projects in cement, real estate, and power.
