New Delhi [India], April 10 : Jaypee Group Founder Chairman Jaiprakash Gaur on Friday expressed confidence that the legacy of Jaiprakash Associates Ltd will be carried forward under the leadership of Gautam Adani after the company's resolution process.
In an official statement, Gaur said, "I have every confidence that under the leadership of Shri Gautam Adani, the legacy of Jaiprakash Associates will be carried forward with renewed energy, responsibility, and purpose, ensuring that the aspirations of all stakeholders are fulfilled. I extend my heartfelt wishes to the Adani Group as they take this journey forward."
He also acknowledged the challenges faced during the Corporate Insolvency Resolution Process (CIRP), stating that the period had been difficult for all stakeholders, including homebuyers, employees, lenders, and partners.
"The recent financial challenges that led to the Corporate Insolvency Resolution Process have been difficult for all stakeholders. Throughout this period, we have worked with sincerity and commitment alongside all stakeholders to enable a fair and credible resolution," he said.
Gaur further appreciated the role of the Committee of Creditors (CoC) and the Resolution Professional for conducting a fair and transparent process. He also thanked both the Adani Group and Vedanta Group for their participation in the bidding process.
"The Committee of Creditors has selected the Adani Group as the successful Resolution Applicant, and we fully respect this decision," he added.
The Jaypee insolvency case has been one of the most closely watched corporate resolutions in India. The CoC approved the Adani Group's resolution plan, which included an upfront payment of over Rs 6000 crore, significantly higher than the approximately Rs 2000 crore offered by the Vedanta Group.
However, Vedanta Chairman Anil Agarwal had criticised the process after his group failed to secure the asset despite claiming to be the highest bidder at one stage sought relief from Supreme Court.
The apex court last week declined any immediate relief to Vedanta, as the matter was pending at the National Company Law Appellate Tribunal (NCLAT).
A Bench led by Chief Justice of India Surya Kant observed that since the appeal is likely to be decided shortly by the NCLAT, and Vedanta's interests have been adequately safeguarded through interim measures, there was no necessity to grant any interim relief.
"The appeal is likely to be addressed soon, and we see no legal necessity to issue any interim direction," the Court noted, while requesting the NCLAT to hear the matter on an out-of-turn basis on the scheduled date or immediately thereafter if arguments remain incomplete.
During the hearing at the apex court, Vedanta submitted that it proposed to pay Rs 17,926 crore to creditors, as against Rs 14,535 crore under Adani's plan. It argued that the CoC was effectively accepting a resolution plan that was around Rs 3,000 crore lower in value. However, the CoC countered that the practical difference between the two bids would amount to only about Rs 500 crore.
Supreme Court recorded submissions that the matter is listed before the NCLAT this week, and implementation of the resolution plan would take approximately 50 days, with little likely to change in the interim period of a few days.
Observing that the NCLAT interim order had already addressed Vedanta's concerns, the Supreme Court stated it would not halt the process at this stage. It added that any policy decision taken by the resolution professional or monitoring committee during this period must be in accordance with law and subject to NCLAT's approval.
The apex court further noted that the resolution process remains subject to approval by the adjudicating authority, and emphasised that if any action outside the legal framework is undertaken, appropriate recourse would be available.
Both sides agreed before the apex court for an expeditious hearing before the NCLAT.
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