The Competition Commission of India (CCI) on Tuesday, September 30, granted in-principle approval to Naveen Jindal-led Jindal Power Ltd for the acquisition of Jaiprakash Associates Ltd (JAL), subject to winning the ongoing insolvency bid under the Insolvency and Bankruptcy Code (IBC).
The approval comes in line with IBC requirements following a Supreme Court ruling that mandates companies to secure CCI clearance before presenting their resolution plans to the Committee of Creditors (CoC). The CoC of JAL is currently reviewing resolution plans, with voting scheduled to take place in due course.
JAL entered corporate insolvency resolution proceedings through the NCLT Allahabad Bench on June 3, 2024, after defaulting on loans worth ₹57,185 crore. The National Asset Reconstruction Company Ltd (NARCL) is the lead creditor, having acquired JAL’s stressed loans from a consortium led by the State Bank of India.
JAL’s portfolio includes large-scale real estate projects such as Jaypee Greens in Greater Noida, Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City near Jewar International Airport. It also owns commercial and hotel properties across Delhi-NCR, Mussoorie, and Agra, along with four non-operational cement plants in Madhya Pradesh and Uttar Pradesh, supported by limestone mining leases.