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The Competition Commission of India (CCI) has approved Dalmia Bharat's acquisition of Jaiprakash Associates Ltd (JAL), marking a key step in the company's insolvency resolution. The deal, executed through Dalmia Cement (Bharat) Ltd, aligns with requirements under the Insolvency and Bankruptcy Code before creditor voting. JAL, currently in CIRP, holds diverse assets including real estate, hotels, and defunct cement plants, with creditor claims totalling INR 185 crore. Rivals like Adani Enterprises and Vedanta Group have also received CCI nods to submit resolution plans.
The Competition Commission of India (CCI) has granted its approval for Dalmia Bharat to acquire Jaiprakash Associates Ltd (JAL). This is a significant development in the corporate insolvency resolution process (CIRP) for the debt-laden company. The acquisition is being handled by Dalmia Cement (Bharat) Ltd, a subsidiary of Dalmia Bharat Ltd. Advertisement
This approval is a mandatory step under the Insolvency and Bankruptcy Code (IBC), which the Supreme Court requires before a resolution plan can be voted on by the Committee of Creditors. J
AL, a company with diverse assets including real estate projects, hotels, and non-operational cement plants, was taken into insolvency proceedings after defaulting on its loans. Creditors have filed claims totaling a massive INR 185 crore.
Dalmia Bharat is not the only company interested in acquiring JAL. Other major players, such as Adani Enterprises and Vedanta Group, have also sought and received CCI approval to submit their own resolution plans. A similar insolvency process previously led to the acquisition of a separate entity, Jaypee Infratech, by the Suraksha Group.
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