Final list of Prospective Resolution Applicants. (PRAs)
Awaiting price reaction for this filing.
Jaiprakash Associates Ltd, currently undergoing a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, has published the final list of 25 eligible Prospective Resolution Applicants (PRAs) who can submit bids to revive the company. The list includes major corporates such as Adani Enterprises, Vedanta, Dalmia Cement, Jindal Power, Torrent Power, Oberoi Realty, Patanjali Ayurveda, PNC Infratech, and Kotak Alternate Asset Managers, along with several asset reconstruction companies and consortiums. The Resolution Professional (Bhuvan Madan) prepared this list after reviewing Expression of Interest submissions received against the Form G and Invitation for Expression of Interest originally published on 10th January 2025. Deloitte India is supporting the RP. No resolution plan has been approved yet; the Committee of Creditors will evaluate the bids using commercial wisdom.
A long list of 25 serious bidders — including large listed companies and financial investors — suggests strong interest and competitive tension, which is positive for creditors but does not guarantee a particular outcome for shareholders. Equity holders may face significant dilution or loss depending on the resolution plan eventually approved, as IBC resolutions typically prioritize creditors over equity.