The Competition Commission of India (CCI) has approved Dalmia Bharat’s proposal to fully acquire the debt-laden Jaiprakash Associates Ltd (JAL), clearing a key hurdle in the latter’s ongoing insolvency process.The green light from the antitrust regulator allows Dalmia Cement (Bharat) Ltd, a wholly owned subsidiary of Dalmia Bharat Ltd, to submit its resolution plan for JAL, PTI reported. The deal qualifies as a “combination” under the Competition Act, and a Supreme Court mandate requires CCI’s clearance before any such plan can be voted on by the Committee of Creditors (CoC).“The proposed combination envisages 100 per cent acquisition of Jaiprakash Associates Ltd by Dalmia Cement (Bharat) Ltd pursuant to a corporate insolvency resolution process under the Insolvency and Bankruptcy Code,” the CCI said in a statement.Jaiprakash Associates, a diversified conglomerate with interests in cement, real estate, hospitality, and EPC (engineering, procurement, and construction), is facing claims of Rs 57,185 crore from creditors. It was admitted into insolvency by the Allahabad bench of the National Company Law Tribunal on June 3, 2024.Other major bidders, including Adani Enterprises, Vedanta Group, Jindal Power, and PNC Infratech, have also filed similar combination notices with CCI to participate in the insolvency bidding.The National Asset Reconstruction Company Ltd (NARCL) leads the creditor claims, having taken over JAL’s loans from a consortium led by the State Bank of India.JAL’s real estate assets include landmark developments such as Jaypee Greens in Greater Noida, Wishtown in Noida, and the Jaypee International Sports City near the upcoming Jewar International Airport. It also owns commercial spaces in Delhi-NCR and operates five hotels in Delhi-NCR, Mussoorie, and Agra.In the cement sector, JAL has four non-operational plants in Madhya Pradesh and Uttar Pradesh, along with leased limestone mines. It also holds stakes in group companies including Jaiprakash Power Ventures, Yamuna Expressway Tolling, and Jaypee Infrastructure Development.The larger Jaypee Group has already seen one key asset, Jaypee Infratech, acquired by Mumbai-based Suraksha Group through a separate insolvency process. Suraksha is tasked with delivering nearly 20,000 stalled housing units across Noida and Greater Noida.