Jaypee founder calls Adani takeover 'fair', backs resolution process
What's the story
Jaiprakash Gaur, the founder of the Jaypee Group, has backed the Adani Group's successful bid to acquire assets of bankrupt Jaiprakash Associates Ltd (JAL). The decision to select Adani Group was made by a committee of creditors. Gaur said he respects their decision and is confident that Gautam Adani will carry forward the legacy of Jaiprakash Associates with renewed energy and purpose.
Process appreciation
Gaur praises fair process led by CoC
Gaur has also praised the fair and transparent process led by the Committee of Creditors (CoC) of JAL and its resolution professional. He thanked both Adani and Vedanta groups for their participation in this insolvency process. The NCLT's Allahabad bench had earlier approved Adani Group's ₹14,535 crore bid to acquire JAL's assets.
Competitive bidding
NCLT approves Adani Group bid for JAL
Adani Enterprises outbid Vedanta Limited and Dalmia Bharat Limited with its ₹14,535 crore bid to acquire the bankrupt infrastructure group. The Committee of Creditors approved this plan in November last year. The NCLT, Allahabad bench, orally pronounced an order on March 17 approving this resolution plan by Adani Enterprises. Following the acquisition announcement, shares of both companies witnessed a rise in their market value.
Journey reflection
'Jaiprakash Associates more than a company'
Reflecting on his company's journey, Gaur said Jaiprakash Associates has been more than just a company. He called it "a lifelong journey of conviction, perseverance, and nation-building since its establishment in 1979." Gaur also expressed gratitude to all stakeholders for their support during the difficult financial challenges that led to this Corporate Insolvency Resolution Process.