Several prominent business groups including JSW Dalmia Bharat Vedanta and others have expressed interest in acquiring Jaiprakash Associates Ltd (JAL) which is currently undergoing court-monitored insolvency proceedings claimed Economic Times report. The assets for grabs include cement plants a Formula One circuit and more valued at over RS 17300 crore. The final deadline for submitting Expressions of Interest (EoIs) is March 25. JSW Dalmia Bharat Jindal Power In Race JSW Dalmia Bharat Jindal Power Vedanta GMR Welspun and Torrent are among the leading business groups that have already submitted EoIs for JAL. Media reports also claimed that the Adani Group and another major Delhi-based industrial house are also expected to submit EoIs before the deadline. Kotak Alternate Assets has also joined the race. The EoIs represent the initial phase of the bidding process as lenders aim to identify a new owner for JAL. However participation at this stage does not guarantee that bidders will submit final bids insiders noted. JAL’s Assets  JAL’s diverse asset portfolio includes Cement plants with a production capacity of 10 million tonnes annually. The Buddh International Circuit in Greater Noida known for hosting Formula One races. A 2500-acre land parcel along the Noida Expressway and an engineering procurement and construction (EPC) business with lucrative contracts a fertilizer plant and five hotels. Loan On JAL The company’s 25 lenders including ICICI Bank State Bank of India Punjab National Bank and IDBI Bank assigned their loans totaling RS 48000 crore including principal interest and penalties accrued over several years to the National Asset Reconstruction Co Ltd (NARCL) on March 12. These loans were transferred at a value of approximately RS 12700 crore. Court-Backed Sale Strategy Initially the plan was to market JAL’s assets in parts inviting buyers who wanted specific assets. However the National Company Law Tribunal (NCLT) ruled against this approach and favoring a resolution plan that considers JAL’s entire portfolio. JAL’s Insolvency Proceedings JAL was admitted into insolvency proceedings at the NCLT following a petition by ICICI Bank on June 3 last year with the court ruling that the company had defaulted on loans. Previously ET reported on August 2 that Gaur had approached global funds for RS 10000 crore to make an offer to creditors and retain control of the company. However creditors opted for a transparent market-driven resolution process to ensure optimal price discovery through external applicants.