Adani Enterprises gets NCLT nod for JAL takeover

Mumbai: The National Company Law Tribunal (NCLT) has approved the acquisition of Jaiprakash Associates Ltd (JAL) by Adani Enterprises, clearing the way for one of the most high-profile resolutions under India's insolvency framework. The approval will allow Adani Enterprises to take control of the debt-laden infrastructure and cement company.

The Adani Group had emerged as the winning bidder in November 2025, offering an upfront payment of around Rs 14,535 crore, surpassing competing bids from Vedanta and Dalmia Bharat.

The company today informed the stock exchanges that NCLT has orally pronounced an order today approving the resolution plan dated October 14, 2025 submitted by Adani Enterprises. The resolution plan will be implemented by AEL, its promoter group, or Adani entities, or through any special purpose vehicle including one or more special purpose vehicles held by any Adani entity or any entity identified by AEL, in accordance with the terms of the resolution plan, Adani said. Jaiprakash Associates, the flagship of the Jaypee Group, has a portfolio which spans across cement, power, engineering, hospitality, real estate, and sports infrastructure. In the first round, some bids hinged on the outcome of a legal dispute over its 1,000-hectare Sports City project in Greater Noida, but lenders later sought unconditional offers.


NCLT Allahabad Bench, on June 3, 2024, admitted JAL into the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 (IBC) following petitions from ICICI Bank and SBI. Lenders sold their debt to the bad bank in March 2025.

The National Asset Reconstruction Company Ltd (NARCL), which controls over 90% of JAL's debt, had earlier acquired about Rs 55,000 crore of loans for Rs 12,000 crore in a mix of cash and security receipts. Other creditors include Arcil, overseas branches of State Bank of India and Bank of Baroda, and thousands of homebuyers.