Shares of Jaiprakash Associates Ltd surged 4.72% on Tuesday to ₹3.55, following the company’s announcement of an extension in the deadline for submission of resolution plans under its ongoing corporate insolvency process. The earlier deadline of June 9, 2025, has now been pushed to June 24, 2025.
In a regulatory filing on Monday (June 9), the company stated, “Consequent upon requests received from several PRAs (Prospective Resolution Applicants) for extension of the current deadline… the members of the Committee of Creditors of the Corporate Debtor have approved with the requisite majority the extension of time for submission of Resolution Plans.”
The extension is expected to give more room to interested applicants to structure their proposals for the distressed assets of the company. Jaiprakash Associates, the flagship firm of the debt-laden Jaypee Group, is currently undergoing the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, after being admitted by the NCLT’s Allahabad Bench via an order dated June 3, 2024.
The company is engaged in various sectors including cement, power, hospitality, construction, and real estate. Its insolvency proceedings mark a significant development in India’s ongoing efforts to resolve legacy bad debts through structured resolution frameworks.
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