Jaiprakash Associates Acquisition: In a major development the Adani Group has received approval from the Committee of Creditors of Jaiprakash Associates after lenders voted in favour of its resolution proposal for the bankrupt infrastructure and industrial company. The conglomerate confirmed the development that the creditors had given green light to its proposal under the Insolvency and Bankruptcy Code the company’s regulatory filing stated on Wednesday. According to Adani Enterprises the Resolution Professional sent it the ‘Letter of Intent (‘LOI’) on Wednesday. Bloomberg reported citing sources that the major deal is worth approx USD 1.5 billion. Note: India.com could not independently verify this amount. Still Needs Approval Of National Company Law Tribunal Notably the project requires a green signal from the National Company Law Tribunal’s Allahabad Bench and regulatory authorities. As per the regulatory filing the implementation should be done by Adani Enterprises the company’s promoters or other Adani entities.
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