Adani's ₹14,535 Crore JAL Takeover Gets NCLT Approval

NCLT Gives Final Nod to Adani's Bid

The National Company Law Tribunal (NCLT) on Tuesday, March 17, 2026, orally approved Adani Enterprises Ltd's ₹14,535 crore resolution plan to acquire the beleaguered Jaiprakash Associates Ltd (JAL). The Allahabad bench of the NCLT pronounced the order, marking a significant milestone in one of India's major corporate insolvency cases. This approval paves the way for the Adani Group to take control of JAL's diversified assets, concluding a lengthy resolution process that began in June 2024.

The Journey Through Insolvency

Jaiprakash Associates, once a prominent player in India's infrastructure sector, was admitted into the Corporate Insolvency Resolution Process (CIRP) in June 2024 after defaulting on loans aggregating over ₹57,185 crore. The company's financial struggles led to a competitive bidding process managed by a Committee of Creditors (CoC) to find a suitable resolution applicant.

In November 2025, the CoC, where the National Asset Reconstruction Co Ltd (NARCL) held a dominant 85.43% voting share, approved Adani Enterprises' proposal. The plan secured an overwhelming 89% of the votes, significantly surpassing the required 66% threshold under the Insolvency and Bankruptcy Code (IBC). Following this, the resolution professional, Bhuvan Madan, filed an application with the NCLT to seek final approval.

Details of the Resolution Plan

Adani's approved plan values the acquisition at ₹14,535 crore. According to reports preceding the approval, the proposal included an upfront payment of approximately ₹6,000 crore, with another ₹7,600 crore to be paid over two years. This structure was reportedly favored by lenders over competing bids due to the higher initial cash component.

The total admitted claims against JAL stood at a staggering ₹5.44 lakh crore. The approved resolution plan, with a realizable value of ₹15,343 crore, implies a recovery of about 2.8% for the creditors, highlighting the severe financial distress of the company.

A Competitive Bidding Process

Adani Enterprises emerged as the successful bidder after a competitive process that included several major industry players. The other contenders for JAL's assets were Vedanta Ltd, Dalmia Bharat, Naveen Jindal’s Jindal Power, and PNC Infratech. Adani's plan received the highest score in the CoC's evaluation matrix, placing it ahead of Dalmia Cement (Bharat) and Vedanta Ltd.

Vedanta had reportedly offered a total plan value of ₹16,726 crore, but its payment structure involved a smaller upfront amount of ₹3,800 crore with deferred payments spread over five years. The creditors ultimately favored the structure proposed by the Adani Group.

Strategic Assets in Adani's Portfolio

The acquisition provides Adani Enterprises with a substantial portfolio of high-quality assets across various sectors. This includes 3,985 acres of land in the strategic locations of Noida and Greater Noida, which are part of the National Capital Region. The deal also includes a cement manufacturing capacity of 6.5 million tonnes spread across plants in Uttar Pradesh and Madhya Pradesh.

Furthermore, the Adani Group will gain control of JAL's hospitality business, which comprises 867 rooms in five hotels located in Delhi, Agra, and Mussoorie. The conglomerate will also take over fertilizer and construction units, along with a 24% stake in Jaiprakash Power Ventures Ltd.

Financial Snapshot and Market Reaction

Jaiprakash Associates has been operating under financial strain for years. For the third quarter of fiscal year 2026, the company reported a net loss of ₹305.33 crore on revenue from operations of ₹724.76 crore while under the CIRP. The news of the resolution plan's progress had a positive impact on associated companies. In November 2025, shares of Jaiprakash Power Ventures Ltd jumped over 12% after the CoC approved Adani's plan for its parent company.

Conclusion and Path Forward

The NCLT's oral approval is a decisive step towards resolving the insolvency of Jaiprakash Associates. It allows the Adani Group to significantly expand its footprint in the cement, real estate, and hospitality sectors. The implementation of the plan is now contingent on the final written order from the NCLT and securing other necessary regulatory approvals. This landmark resolution under the IBC framework is expected to bring stability to JAL's operations and marks a new chapter for its assets under the Adani conglomerate.