Shares of Jaiprakash Associates (JP Associates) rose 5% to Rs 3.22 in intraday trade on the BSE on Tuesday after reports emerged that the Adani Group is the only bidder to submit an unconditional offer in the ongoing insolvency process. Adani has reportedly submitted a Rs 12,600 crore bid for the debt-laden company.

The other bidders — Dalmia Bharat, Vedanta, Jindal Power, and PNC Infratech — have tied their bids to the resolution of a critical land dispute involving the Gautam Buddh Nagar Sports City project, which is currently pending before the Supreme Court.

Jaiprakash Associates has attracted five bids, with Dalmia Bharat leading with a Rs 14,600 crore offer that includes the disputed land parcel. However, if the land issue remains unresolved, Dalmia’s effective bid value would fall to Rs 12,600 crore — matching Adani’s unconditional offer, sources close to the matter said.

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The bids for the flagship firm of the Jaypee Group—active in cement, power, EPC, hotels, real estate, and sports infrastructure—were opened at a Committee of Creditors (CoC) meeting on Monday. The disputed land is expected to impact bid valuations by around Rs 2,000 crore.

Vedanta and Jindal Power submitted bids of Rs 12,500 crore and Rs 10,300 crore respectively, while PNC Infratech offered Rs 9,500 crore. The Suraksha Group, which had earlier expressed interest, did not submit a firm bid on Monday.”The CoC has asked all bidders to revise and improve their financial offers,” said a person familiar with the discussions.Jaiprakash Associates is currently undergoing resolution under the Insolvency and Bankruptcy Code, with total admitted claims amounting to Rs 57,185 crore.

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