Jaypee Group founder Jaiprakash Gaur on Friday changed his stance and supported the lenders’ decision to select Adani Group as the winner to acquire assets of bankrupt Jaiprakash Associates Ltd (JAL).
In a statement, Gaur said the committee of creditors have have selected Adani Group as the successful bidder for Jayprakash Associates Ltd (JAL) and “we fully respect the decision”.
He also expressed confidence that under Gautam Adani’s leadership, the legacy of Jayprakash Associates will be carried forward.
Gaur appreciated the fair and transparent process conducted by the Committee of Creditors (CoC) of JAL and the resolution professional, and thanked Adani and Vedanta groups for participating in the insolvency process.
Last month, the Allahabad bench of the National Company Law Tribunal (NCLT) approved Adani Group’s Rs 14,535 crore bid to acquire the assets of JAL. The decision was challenged by the Vedanta Group, which put a bid of Rs 17,926 crore, in the appellate tribunal NCLAT. challenging the decision.
While Gaur thanked both Adani and Vedanta for participating in the process, his support for the winning bid underscores a larger question increasingly being asked in insolvency circles: when a higher financial offer is on the table, what ultimately drives creditor decisions—value maximisation or other strategic considerations?
The answer may now rest with the appellate tribunal.
