New Delhi, April 10 Jaypee Group founder Jaiprakash Gaur on Friday backed the lenders' decision to select the Adani Group as the winning bidder to acquire the assets of the bankrupt Jaiprakash Associates Ltd (JAL).
In a statement, Gaur said that the committee of creditors has selected the Adani Group as the successful bidder for Jayprakash Associates Ltd (JAL), and "we fully respect this decision."
He also expressed confidence that under Gautam Adani's leadership, the legacy of Jayprakash Associates will continue.
Gaur praised the fair and transparent process conducted by the Committee of Creditors (CoC) and the insolvency professional, and thanked the Adani and Vedanta groups for participating in the insolvency process.
Last month, the Allahabad bench of the National Company Law Tribunal (NCLT) approved the Adani Group's bid of Rs 14,535 crore to acquire the assets of JAL. The Vedanta Group, which had submitted a bid of Rs 17,926 crore, challenged the decision in the appellate tribunal, NCLAT.