New Delhi, April 9 Former Jaypee Group chairman Jaiprakash Gaur on Friday expressed confidence in the Adani Group’s takeover of Jaiprakash Associates Ltd (JAL), following “the fair and transparent process conducted by the Committee of Creditors.”
“The Committee of Creditors has selected the Adani Group as the successful Resolution Applicant, and we fully respect this decision,” Gaur said in a statement.
“I have every confidence that under the leadership of 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,” Gaur added.
Extending his “heartfelt wishes” to the Adani Group as they take the company forward, Gaur said, “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.”
He further stated that Jaiprakash Associates Limited has been more than a company, as it has been a lifelong journey of conviction, perseverance, and nation-building since its founding in 1979. The Jaypee Group 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, he added.
He also highlighted that the recent financial challenges that led to the Corporate Insolvency Resolution Process have been difficult for all stakeholders. Throughout this period, the group worked with sincerity and commitment alongside homebuyers, employees, lenders, and partners to enable a fair and credible resolution, Gaur added.
Meanwhile, in a setback to Vedanta Group, the Supreme Court earlier this week declined to stay the implementation of the resolution plan put in place by Adani Enterprises for debt-ridden Jaiprakash Associates Ltd.
A bench, led by Chief Justice (CJI) Surya Kant, noted that the insolvency proceedings are already listed for final hearing before the National Company Law Appellate Tribunal (NCLAT) on April 10, and therefore found no reason to intervene at this stage.
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