Core Viewpoint - Adani Enterprises Ltd is positioned to become the highest bidder for Jaiprakash Associates Ltd (JAL) in the ongoing insolvency process, offering a more favorable payment structure compared to Vedanta Group's bid [1][4]. Bid Evaluation - In early September, Vedanta Group initially emerged as the highest bidder with an offer of Rs 12,505 crore in net present value (NPV) [2]. - The committee of creditors (CoC) evaluated the bids and scored Adani Enterprises Ltd's resolution plan as the highest, followed by Dalmia Cement (Bharat) and Vedanta Ltd [4]. - The CoC is expected to vote on the resolution plan in the next two weeks [4]. Payment Structures - Adani Group proposes to make payments to lenders within two years, while Vedanta's offer includes back-ended payments over five years [5]. - Dalmia Cement's payment plans are contingent upon a Supreme Court judgment regarding a pending matter with the development authority YEIDA [5]. Promoters' Involvement - The former promoters of JAL submitted a last-minute offer to settle with lenders but did not provide a clear source of funds, which is typically seen as an attempt to disrupt the resolution process [6]. Company Background - JAL has diverse business interests, including real estate, cement manufacturing, hospitality, and engineering & construction, and was admitted into the Corporate Insolvency Resolution Process (CIRP) on June 3, 2024 [7]. - The company faced insolvency after defaulting on loan payments, with financial creditors claiming around Rs 60,000 crore [8]. Business Operations - JAL's major projects include Jaypee Greens in Greater Noida and Jaypee International Sports City near the upcoming Jewar International Airport [11]. - The company operates four cement plants in Madhya Pradesh and Uttar Pradesh, although these plants are currently non-operational [12]. - Financial stress has impacted JAL's various business operations, including significant engineering, procurement, and construction (EPC) projects [13].

In early September, mining conglomerate Vedanta Group had beaten Adani Group to emerge as the highest bidder, with an offer of Rs 12,505 crore as net present value (NPV), in an auction carried out by lenders to find suitors for JAL, whose interests span real estate, cement, power, hotels, and road. Later, the lenders held negotiations with these five players to enhance the bid value and maximise realisation. On October 14, these five bidders submitted fresh signed resolution plans in sealed envelopes.Live ...

Core Insights - The bankruptcy court in Mumbai approved Reliance Retail Ventures Ltd's (RRVL) resolution plan for Future Supply Chain Solutions Ltd (FSCSL), allowing the logistics arm of the Future Group to join Reliance [6] - The revival plan received 91.71% approval from the secured lenders and proposes a payment of Rs 170 crore for the acquisition [6][1] - The total admitted claims against FSCSL amount to Rs 885 crore, with major creditors including Azim Premji Trust, IDFC First Bank, and JC Flowers Asset Reconstruction claiming over Rs 485 crore [6][1] Company Overview - Future Supply Chain Solutions is India's first fully integrated and IT-enabled end-to-end supply chain and logistics company, specializing in modern warehousing, express logistics, cold chain, and e-commerce logistics [6][5] - The company provides third-party logistics support across various sectors, including food and beverages, lifestyle, consumer electronics, automotive, engineering, home and furniture, healthcare, general merchandise, and e-commerce [5][6] Bidding Process - Out of seven bidders, two submitted resolution plans, but one was withdrawn, leaving RRVL as the sole remaining bidder [2][6] - Other interested bidders included Tatkal Loan India, One City Infrastructure, Globe Ecologistics, Shanti G.D. Ispat & Power, Camions Logistics Solutions, and Sugna Metals [4][6] Bankruptcy Context - FSCSL was admitted under the Corporate Insolvency Resolution Process (CIRP) in January 2023 after defaulting on dues of approximately Rs 7.26 crore [4][6]