Adani Group has emerged as the frontrunner to acquire the debt-laden Jaiprakash Associates Ltd (JAL), securing an overwhelming 89% vote from lenders on the back of a resolution plan that offered the highest upfront payout among all bidders. The group’s ₹14,535-crore proposal—featuring ₹6,005 crore in immediate payments—outscored competing offers from Vedanta Ltd and Dalmia Cement (Bharat), giving Adani a decisive edge in one of the largest ongoing insolvency resolutions.

The National Asset Reconstruction Company Ltd (NARCL) had the biggest say in the process as it controls about 86 per cent of the Committee of Creditors’ (CoC) voting share. A small group of lenders, including State Bank of India and ICICI Bank – who together account for less than 3 per cent of CoC’s votes – abstained from voting, according to a PTI report.

Sources said lenders preferred Adani’s plan primarily because it offered a significantly higher upfront payment compared to competing proposals. The ports-to-energy conglomerate has proposed a total plan value (TPV) of Rs 14,535 crore, including Rs 6,005 crore upfront and another Rs 6,726 crore payable after two years. In net present value terms, the offer is estimated at Rs 12,000 crore.

Vedanta offered Rs 3,800 crore upfront payment and Rs 12,400 crore in deferred payments over five years, taking the TPV of Rs 16,726 crore.

Jaiprakash Associates (JAL), which has high quality assets and business interests spanning real estate, cement manufacturing, hospitality, power and engineering & construction, was admitted to the Corporate Insolvency Resolution Process (CIRP) in June last year after it defaulted on payments of loans aggregating Rs 57,185 crore.

JAL announced in June that it has received five bids, along with earnest money, with Vedanta, Adani Enterprises, Dalmia Cement, Jindal Power, and PNC Infratech making the bids. In September, the CoC conducted an auction under the Swiss challenge process.

JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport.

It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other companies.

Sources said the CoC evaluated the resolution plans on the basis of evaluation matrix. The resolution plan of Adani Enterprise Ltd got the highest score, followed by Dalmia Cement (Bharat) and Vedanta Ltd.

It is understood that the payments in Dalmia’s plans are contingent upon the Supreme Court’s judgement on the pending matter between the JAL and development authority YEIDA.

Adani Group is offering the payment to lenders within two years while Vedanta is offering back-ended payments over the next five years.

In April this year, 25 companies showed interest in acquiring JAL. However, in June, JAL announced that it has received bids from these five companies, along with earnest money, for the acquisition of the company through an insolvency process.