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In a significant development in the ongoing insolvency resolution process of Jaiprakash Associates Ltd (JAL), the Adani Group is likely to have emerged as the leading contender with the highest bid to acquire the debt-laden company, sources familiar with the matter told BW Businessworld. The conglomerate is likely to have offered ₹16,000 crore to take over JAL, which is grappling with creditor claims exceeding ₹57,000 crore. Dalmia Bharat is likely to have emerged as the second highest bidder.
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An Essel Group company, Konti Infrapower and Multiventures, has moved the National Company Law Tribunal (NCLT) against Kotak Asset Management Company (AMC) over the asset management company's failure to honour certain contractual obligations, Zee Business reported. Claiming dues to the tune of Rs 12.99 crore, the Essel Group entity has stated that Kotak AMC, as a corporate debtor, is yet to meet its financial obligations under an agreement dated April 6, 2019.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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