The Gaur family, promoters of Jaiprakash Associates (JAL), has re-entered the fray to regain control of the debt-laden infrastructure firm with a fresh ₹18,000 crore resolution plan—surpassing offers from Vedanta and Adani Group. However, lenders remain skeptical about the promoter’s funding capability and have sought proof of financing for the proposed ₹5,000 crore upfront payment before considering the bid seriously.

“The promoter has submitted a fresh plan valuing the business at ₹18,000 crore, which is more than what is offered by Vedanta,” said a person aware of the development, according to a report by The Economic Times.

Vedanta currently leads with a ₹17,000 crore bid, with a net present value of about ₹12,505 crore and an upfront payment of ₹4,000 crore. Adani’s bid was lower at ₹12,005 crore.

All plans will be put to vote next month. While the promoter’s offer has improved materially, it remains weaker on funding certainty. Lenders have asked for proof of the proposed ₹5,000 crore upfront payment.

“There is no clarity yet on where the funds are coming from,” said another person familiar with the matter. “The promoter has been asked to provide evidence of financing before the plan can be considered seriously.”

The Committee of Creditors (CoC) is currently evaluating five bids, though the contest has effectively narrowed to Vedanta and Adani. Both have revised their offers, with Vedanta leading on overall recovery and upfront cash, which carries higher weightage in the lenders’ scoring. The CoC will circulate its evaluation note early next month, followed by voting likely around mid-November.

The promoter’s proposal could improve recoveries if backed by credible funding. He is also banking on a potential reversal of an adverse order related to land parcels and Yamuna Expressway Industrial Development Authority (YEIDA), which could unlock ₹7,000-8,000 crore in value, the source said.