Adani's Rs 14,535 Cr Plan for Jaiprakash Associates Gets NCLT Nod

Introduction

The National Company Law Tribunal (NCLT) on Tuesday, March 17, 2026, orally approved the Rs 14,535 crore resolution plan submitted by Adani Enterprises Ltd. to acquire the debt-ridden Jaiprakash Associates Ltd. (JAL). This decision by the NCLT's Allahabad bench marks a significant milestone in the prolonged insolvency proceedings of the infrastructure major, paving the way for the Adani Group to take control of JAL's diversified assets.

The Path to Acquisition

The journey to this approval began in June 2024, when JAL was admitted into the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC) after defaulting on loans amounting to Rs 57,185 crore. The process attracted interest from several major players, including Vedanta and Dalmia Bharat. However, Adani Enterprises emerged as the frontrunner.

In November 2025, the Committee of Creditors (CoC) for JAL gave its crucial approval to Adani's proposal. The resolution plan secured an overwhelming 89% of the votes from the creditors, a clear mandate led by the National Asset Reconstruction Company Ltd (NARCL), which holds a dominant voting share. Following the CoC's approval, the resolution professional filed an application with the NCLT on November 27, 2025, seeking its final sanction.

Details of the Resolution Plan

Adani Enterprises' successful bid of Rs 14,535 crore is structured to address the massive debt pile of Jaiprakash Associates. While specific details will be clarified in the written NCLT order, earlier reports indicated the plan includes a mix of upfront cash and deferred payments. The proposal aims to revive JAL's operations across its various business segments.

A critical aspect of the approved plan is its impact on existing equity shareholders of JAL. The company's regulatory filings have clarified that the resolution plan envisages no recovery for equity holders. The liquidation value of JAL's assets was deemed insufficient to cover the claims of secured creditors in full, resulting in the exit value for shareholders being set at nil under the delisting process.

Jaiprakash Associates: Assets and Liabilities

Jaiprakash Associates, the flagship company of the Jaypee Group, has a significant footprint in multiple sectors. Its assets include large-scale real estate projects like Jaypee Greens in Greater Noida and parts of Jaypee Greens Wishtown in Noida. The company's hospitality division operates five hotels in key locations such as Delhi-NCR, Mussoorie, and Agra.

Furthermore, JAL possesses substantial industrial assets, including four cement plants in Madhya Pradesh and Uttar Pradesh, along with leased limestone mines. The company also holds investments in several subsidiaries, such as Jaiprakash Power Ventures Ltd. and Yamuna Expressway Tolling Ltd. This diverse portfolio of high-quality assets made it an attractive target for bidders despite its financial distress.

Key Financials of the Deal

Market and Stakeholder Impact

The NCLT's approval brings a degree of certainty for JAL's lenders, who are now set to recover a portion of their outstanding dues. For Adani Enterprises, the acquisition significantly expands its presence in the cement and infrastructure sectors, aligning with its long-term growth strategy. The company has stated that the plan may be implemented directly or through its group entities or special purpose vehicles.

Following the announcement, shares of Adani Enterprises ended marginally lower at Rs 1,975 on the NSE. The development concludes a competitive and complex insolvency process, providing a resolution for one of India's major stressed infrastructure firms. The rejection of a challenge from rival bidder Vedanta by the NCLT further solidified Adani's position.

Conclusion

The oral approval from the NCLT is a decisive step towards the closure of Jaiprakash Associates' insolvency case. With this regulatory hurdle cleared, Adani Enterprises can now proceed with the implementation of its revival plan for JAL's assets. The detailed written order from the tribunal is awaited, which will provide further clarity on the specific timelines and modalities of the acquisition. This move is expected to consolidate Adani Group's position in key infrastructure verticals while marking the end of an era for the Jaypee Group as the owner of JAL.