Adani Enterprises' resolution plan for Jaiprakash Associates gets NCLT nod

Adani Enterprises on Tuesday said the National Company Law Tribunal (NCLT) has approved its resolution plan for Jaiprakash Associates. The approval was announced through an oral order on March 17, 2026.

The company is said to make detailed disclosures once the written order is issued. Earlier, Adani Enterprises had been identified as the successful bidder for the stressed firm.

The resolution plan may be executed by Adani Enterprises, its group companies, or through special purpose vehicles.


Also read: Adani gets creditors’ nod to buy bankrupt Jaiprakash Associates

On NCLT's approval, Jaiprakash Associates said, "In the assessment of the Successful Resolution Applicant, the liquidation value is insufficient to even satisfy the claims of secured creditors in full, therefore, NIL consideration is being offered to the shareholders of the Corporate Debtor as part of the delisting process under the Approved Resolution Plan, and the exit price for the existing shareholders is therefore NIL."

On November 19, the Adani Group company received approval from the Committee of Creditors of Jaiprakash Associates after lenders voted in favour of its resolution offer for the bankrupt infrastructure and industrial group.

In a regulatory filing, Gautam Adani-led firm said it had “received a Letter of Intent (‘LOI’) from the Resolution Professional (‘RP’) on November 19, 2025 at 3:05 p.m.”

Also read: Adani commits Rs 2 lakh crore to fortify India’s energy, trade networks against global shocks

Jaiprakash Associates is the flagship company of the Jaypee Group. It currently owes lenders about Rs 55,000 crore, with National Asset Reconstruction Company as the largest creditor. It was admitted into insolvency proceedings in June 2024 and is administered by resolution professional Bhuvan Madan of Deloitte.

As per an ET report, the battle for Jaiprakash Associates began with five bidders, including Adani, Vedanta, Dalmia Bharat, Naveen Jindal’s Jindal Power and PNC Infratech. Dalmia Bharat had initially led but did not participate in the subsequent electronic auction.