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Jindal Power Secures CCI Approval to Acquire Debt-Ridden Jaiprakash Associates

JAL’s Insolvency Crisis and Asset Portfolio Admitted to corporate insolvency by NCLT Allahabad on June 3, 2024, JAL faces ₹57,185 crore in debt claims, led by the National Asset Reconstruction Company Ltd (NARCL).

India CSR by India CSR
October 1, 2025
in Business
Reading Time: 4 mins read
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With the CCI approval in place, the ball is now in the court of the Committee of Creditors of Jaiprakash Associates.

NEW DELHI (India CSR): In a major development in India’s insolvency space, the Competition Commission of India (CCI) has granted in-principle approval to Naveen Jindal-led Jindal Power Ltd to acquire Jaiprakash Associates Ltd (JAL), the debt-laden flagship of the Jaypee Group. Admitted to corporate insolvency by NCLT Allahabad on June 3, 2024, JAL faces Rs. 57,185 crore in debt claims, led by the National Asset Reconstruction Company Ltd (NARCL).

The group’s assets span real estate, hospitality, and cement, making it one of the most high-profile insolvency cases in India.

The group’s assets span real estate, hospitality, and cement, making it one of the most high-profile insolvency cases in India. The approval comes as part of the ongoing insolvency resolution process, where Jindal Power has emerged as one of the key contenders to acquire JAL’s assets.

Other Bidders Also Cleared

Apart from Jindal Power, the regulator has also cleared resolution proposals submitted by Adani Group, PNC Infratech, and Dalmia Bharat. This enables all these entities to formally submit their resolution plans to the Committee of Creditors (CoC).

Supreme Court’s IBC Ruling

Following a recent Supreme Court judgment on the Insolvency and Bankruptcy Code (IBC), entities must secure CCI’s nod before their resolution plans are put to a vote by creditors. This ruling has made competition clearance a prerequisite in all large insolvency cases.

Jaiprakash Associates’ Financial Crisis

JAL was admitted into corporate insolvency resolution process (CIRP) on June 3, 2024, by the National Company Law Tribunal (NCLT), Allahabad Bench, after defaulting on loans worth Rs. 57,185 crore.

The National Asset Reconstruction Company Ltd (NARCL) now leads creditor claims after acquiring a large chunk of JAL’s stressed loans from SBI-led lenders.

JAL’s Assets and Real Estate Projects

  • Major real estate developments: Jaypee Greens (Greater Noida), parts of Wishtown (Noida), and Jaypee International Sports City near Jewar Airport.
  • Commercial assets: three office spaces in Delhi-NCR.
  • Hospitality assets: five hotels across Delhi-NCR, Mussoorie, and Agra.
  • Cement assets: four plants in Madhya Pradesh and Uttar Pradesh (currently non-operational).
  • Investments: holdings in Jaiprakash Power Ventures, Yamuna Expressway Tolling Ltd, and others.

Insolvency Track Record of Jaypee Group

Jaypee Group has been under stress for several years. Its realty arm Jaypee Infratech was acquired by Mumbai-based Suraksha Group, which is tasked with completing nearly 20,000 delayed apartments in Noida and Greater Noida.

📊 Key Facts: Jindal Power – Jaiprakash Associates Deal

FactDetails
Regulator ApprovalCompetition Commission of India (CCI)
Approved BidderJindal Power Ltd (Naveen Jindal-led)
Other Cleared BiddersAdani Group, PNC Infratech, Dalmia Bharat
Company in InsolvencyJaiprakash Associates Ltd (JAL)
Insolvency StartJune 3, 2024 (NCLT Allahabad order)
Total Debt Claims₹57,185 crore
Lead CreditorNARCL (after acquiring loans from SBI-led consortium)
Major AssetsJaypee Greens, Wishtown Noida, Jaypee International Sports City, 4 cement plants, 5 hotels
Sectoral PresenceReal estate, hospitality, cement, power (subsidiaries)
Next StepCommittee of Creditors (CoC) to vote on resolution plan

(India CSR)

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Tags: Adani GroupCCI approvalDalmia BharatIBC Supreme Court rulingJaiprakash Associates insolvencyJaypee GreensJaypee GroupJindal PowerNARCLNaveen JindalPNC Infratech

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India CSR is the largest media on CSR and sustainability offering diverse content across multisectoral issues on business responsibility. It covers Sustainable Development, Corporate Social Responsibility (CSR), Sustainability, and related issues in India. Founded in 2009, the organisation aspires to become a globally admired media that offers valuable information to its readers through responsible reporting.

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