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Adani Enterprises’ Rs 13,500 crore proposal to acquire Jaiprakash Associates (JAL) has received unanimous approval from creditors. Vedanta had offered more money, but creditors liked Adani’s plan to pay the money early. In the auction held in September, Vedanta had made the highest bid of Rs 17,000 crore. JAL has been India’s leading infrastructure conglomerate but is now facing bankruptcy proceedings.
Proposal
Adani Company had given this proposal
Adani Group had promised to repay the loan in only 1.5-2 years, whereas Vedanta had offered a 5-year plan. The creditors wanted to get their money back as soon as possible and that is why they voted in favor of Gautam Adani’s company. Other companies like Dalmia Bharat and Jindal Power also tried their hand in this deal. The decision will go to the National Company Law Tribunal (NARCL) for final approval.
Creditors supported the proposal
Adani Enterprises was given the highest marks in a score sheet prepared by the committee of creditors of Jaiprakash Associates last week. According to reports, some lenders have challenged this scoring system. National Asset Reconstruction Company is the largest creditor, while JAL’s total outstanding debt is Rs 55,000 crore. Voting concluded at 9 pm on Tuesday night, cementing Adani’s position as the preferred resolution applicant.
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