NEW DELHI: Fair trade regulator CCI on Tuesday said it has in principle approved Adani Group’s acquisition of debt-ridden Jaiprakash Associates, should it win a bid in the ongoing insolvency proceeding. The proposed combination relates to the acquisition of up to 100% shareholding of Jaiprakash Associates Ltd (JAL) by Adani Enterprises Ltd (AEL) and Adani Infrastructure and Developers Pvt Ltd (AIDPL) or any other entity forming part of Adani Group, according to a press release issued by the regulator on Tuesday.The Competition Commission of India (CCI) said it has approved the acquisition of JAL by Adani Group entities.Following a recent ruling by the Supreme Court related to interpreting provisions of the Insolvency and Bankruptcy Code (IBC), an approval from the competition watchdog is mandatory for submission of a resolution plan by the entity concerned.The entity has to get the CCI nod before the resolution plan is voted upon by the Committee of Creditors (CoC) of the company undergoing the resolution process under the IBC. The CoC of JAL is still reviewing the resolution plans received, and the voting will happen in due course.
