Competition Commission of india (CCI) on Tuesday approved Dalmia India’s proposal for the acquisition of debt -ridden Jayaprakash Associates Limited. The company is under the insolvency solution process. Under the provisions of the Insolvency and Debt Removal Disability Code, the CCI approval is a major requirement to submit a solution scheme to participate in the bidding process. Apart from Dalmia India, many other companies have also shown interest in the acquisition of debt -ridden Jayaprakash Associates (JAL). The company operates from cement to real estate, hotels, fertilizers plant.
These companies including Adani also showed interest
Companies like Adani Enterprises, Vedanta Group, Jindal Power and PNC Infratech, led by industrialist Gautam Adani, have also contacted the Competition Commission with permission to submit their resolution scheme to the Committee of Lenders (COC). According to a directive from the Supreme Court, under the Competition Act, it is mandatory to take the approval of the Competition Commission (CCI) before voting for the committee of lenders on any eligible resolution scheme. Dalmia Cement (India) Limited, Dalmia Bharat Limited (DBL) is a completely owned subsidiary company and Dalmia Bharat Limited is the leading company of Dalmia Bharat Group. DBL is mainly associated with the construction and sale of cement.
Banks’ claim of Rs 57,185 crore on Jayaprakash Associates
The CCI wrote on the social media platform X, “The Commission has approved the proposed acquisition of Jayaprakash Associates Limited by Dalmia Cement (India) Limited.” Under this process, Adani Group has also made an application before the CCI. The JAL was brought into the Company Loan Lacking Solutions Procedure under the order of the National Company Law Tribunal, Allahabad Peeth on 3 June 2024. It was brought under bankrupt proceedings after the Group’s default in payment of loan. Lenders claim Rs 57,185 crore on the company.
With PTI inputs
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