Outcome of Meeting of CoC - Voting Results.
Awaiting price reaction for this filing.
The Resolution Professional of Jaiprakash Associates, which is currently under Corporate Insolvency Resolution Process (CIRP), disclosed the e-voting results from the 12th meeting of the Committee of Creditors (CoC). Two resolutions were approved with a strong 92.95% majority. The first resolution approves issuing a Request for Resolution Plans (RFRP) to invite bids for the company as a going concern, including terms for earnest money, performance security, and the evaluation matrix. The second resolution approves availing bank guarantees of INR 8.5 lakhs (against 100% margin via fixed deposit) for the review of the Degarhat Devmaudaldal limestone mining plan, treated as interim finance under the IBC. E-voting took place from 21st to 23rd April 2025.
This is a meaningful step forward in the insolvency resolution process, as creditors have formally cleared the way to invite resolution bids for the company. Existing shareholders remain in a precarious position since IBC resolution typically leaves little room for equity value recovery. The stock will likely remain volatile and sensitive to further updates on the resolution process.