India's Adani Enterprises wins creditor nod for $1.53 bn takeover plan for Jaiprakash Associates, sources say

Core Viewpoint - Creditors of Jaiprakash Associates have unanimously supported Adani Enterprises' takeover proposal of 135 billion rupees ($1.53 billion) over Vedanta's higher bid of 170 billion rupees due to larger upfront payments preferred by stakeholders [1][3]. Group 1: Bidding Process - Other bidders for Jaiprakash Associates included Dalmia Bharat, Jindal Power, and PNC Infratech, while the controlling shareholder Manoj Gaur submitted a last-minute bid that was later withdrawn [2]. - The insolvency proceedings for Jaiprakash Associates, which owes creditors 550 billion rupees, were initiated under India's bankruptcy laws last June, marking it as one of the largest ongoing bankruptcy cases in the country [2]. Group 2: Creditor Preferences - Vedanta's bid proposed a five-year payment timeline, which was significantly longer than the 1.5-2 years proposed by Adani, influencing creditor preferences [3]. - The committee of creditors is expected to reaffirm the decision in favor of Adani and submit it to the National Company Law Tribunal (NCLT) for final approval [3]. Group 3: Claimants and Resolution Process - The National Asset Reconstruction Company (NARCL), which acquired Jaiprakash's loans from a consortium led by State Bank of India, is the leading claimant in the ongoing resolution process [4].