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The scramble to rescue Jaiprakash Associates Ltd (JAL), the flagship of the debt-laden Jaypee Group, reached a decisive stage on Tuesday as the window for resolution plans shut with at least six suitors in the fray. Industry sources say Adani Enterprises, Vedanta Group, Dalmia Bharat, Jaypee Infratech (backed by the Suraksha Group), Jindal Power and PNC Infratech have all lodged bids. Jaypee Infratech confirmed its submission but declined to reveal details.

Lenders will open and assess the offers at a Committee of Creditors meeting today. Although bid values remain under wraps, the National Asset Reconstruction Company鈥檚 earlier proposal to buy JAL鈥檚 loans for about Rs 120 billion is expected to serve as a benchmark.

JAL鈥檚 admission to insolvency in June 2024 ended years of legal wrangling that began when the Reserve Bank first flagged the company as a major defaulter in 2017. The Allahabad Bench of the National Company Law Tribunal appointed Bhuvan Madan as interim resolution professional, setting the stage for what is now one of India鈥檚 biggest bankruptcy cases.

With financial debts of roughly Rs 571.85 billion spread across cement, real estate, power, hospitality and infrastructure assets, JAL presents both opportunity and complexity for would-be rescuers. Twenty-five parties had earlier filed expressions of interest, ranging from global funds such as Oaktree Capital and J.C. Flowers ARC to domestic strategics including Oberoi Realty, Torrent Power and Patanjali Ayurveda.

For creditors, the eventual choice will hinge not only on headline recovery but also on each plan鈥檚 ability to revive stuck projects鈥攅specially along the Yamuna Expressway corridor鈥攁nd to steer through overlapping litigations within the Jaypee empire. Today鈥檚 CoC deliberations will thus shape the next chapter in a saga that has gripped India鈥檚 infrastructure and banking sectors for nearly a decade.