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The Competition Commission of India (CCI) on Tuesday said it has given an in-principle approval to Adani Group’s proposed acquisition of debt-laden Jaiprakash Associates subject to the group winning the ongoing insolvency proceedings. As per the regulator’s release the proposed deal involves the acquisition of up to 100% stake in Jaiprakash Associates Ltd (JAL) by Adani Enterprises Ltd (AEL) Adani Infrastructure and Developers Pvt Ltd (AIDPL) or any other Adani Group entity. Who Else In Race With Adani To Buy JAL? The CoC of Jaiprakash Associates Ltd (JAL) is still reviewing the resolution plans received and the voting will happen in due course. Apart from Adani Group Dalmia Bharats proposal for JAL has been cleared by the regulator. Various other companies including Vedanta Group Jindal Power and PNC Infratech have also approached the CCI seeking nod to submit respective resolution plans to the CoC of JAL. Also Read: Gautam Adani mega plan for investors! 9.3% interest on investment for… Adani Enterprises Rs 10000000000… How Is JAL Insolvency Process Going On? JAL was admitted into the corporate insolvency resolution process (CIRP) through the National Company Law Tribunal Allahabad Bench order dated June 3 2024. It was taken to insolvency proceedings after the conglomerate defaulted on the payment of loans. Creditors are claiming a staggering Rs 57185 crore. The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India. Highlights JAL Insolvency process Adani Groups Get CCI Nod to buy Jaiprakash Associates Jaiprakash Associates Insolvency Process Vedanta Group Jindal Power Bid in JAL Insolvency 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. (With Inputs From PTI)