New Delhi, Apr 10 Jaypee Group founder Jaiprakash Gaur on Friday threw his support behind the Adani Group taking over his insolvent infrastructure firm JAL, saying he has full confidence in GautamAdani’s leadership to take the group forward.
The statement came days after rival bidder Vedanta Ltd’s Anil Agarwal claimed that Gaur wanted Jaiprakash Associates Ltd (JAL) to be in the ‘safe hands’ of his mining conglomerate.
“I appreciate the fair and transparent process conducted by the Committee of Creditors and the Resolution Professional, and I thank both the Adani Group and the Vedanta Group for their participation and interest.
“The Committee of Creditors (CoC) has selected the Adani Group as the successful resolution applicant, and we fully respect this decision,” Gaur said.
In November last year, the CoC of JAL approved Adani Enterprises Ltd’sRs 14,535 crorebid to acquire its assets through the insolvency process.
On March 17, the National Company Law Tribunal (NCLT), Allahabad bench, approved the bid. However, the same has been challenged by Vedanta, which made a bid of Rs 17,926 crore, in the appellate tribunal NCLAT. The matter is currently being heard in the NCLAT, which had refused to put an interim stay on the NCLT’s decision. Even the Supreme Court did not stay the NCLT order.
“I have every confidence that under the leadership of GautamAdani, the legacy of Jaiprakash Associates will be carried forward with renewed energy, responsibility, and purpose, ensuring that the aspirations of all stakeholders are fulfilled,” the Jaypee Group patriarch said.
Noting that JAL has been “more than a company-it has been a lifelong journey of conviction, perseverance, and nation-building since its founding in 1979”, Gaur extended his “heartfelt wishes” to the Adani Group as they take this journey forward.
The recent financial challenges that led to the Corporate Insolvency Resolution Process have been difficult for all stakeholders, Gaur said, adding that “throughout this period, we have worked with sincerity and commitment, alongside homebuyers, employees, lenders, and partners to enable a fair and credible resolution”.
Gaur highlighted that the Jaypee Group had built an institution that delivered iconic assets, such as the Buddh International Circuit, major hydropower projects, cement capacity, and integrated developments, including Jaypee Wish Town, Jaypee Greens, and Jaypee Sports City.
“This journey remains a matter of deep personal pride,” he noted. Last month, mining baron Anil Agarwal claimed that Vedanta
