3 min readMumbaiMar 17, 2026 07:40 PM IST
The National Company Law Tribunal (NCLT) has approved the resolution plan of Adani Enterprises Ltd (AEL) for the bankrupt Jaiprakash Associates Ltd (JAL) under the Insolvency and Bankruptcy Code, 2016.
“We hereby inform you that the NCLT has orally pronounced an order on March 17, 2026 approving the resolution plan dated October 14, 2025 submitted by Adani Enterprises, the successful resolution applicant,” AEL said in an exchange filing.
Adani Enterprises, the flagship firm of the Adani Group, had secured creditor approval for its Rs 14,535 crore bid to acquire the Jaiprakash Associates in November 2025. AEL outbid Vedanta and Dalmia Bharat for Jaiprakash Associates.
The Committee of Creditors (CoC) of JAL, a company undergoing Corporate Insolvency Resolution Process (CIRP) under the IBC approved the Resolution Plan submitted by Adani Enterprises. AEL received a Letter of Intent (LoI) from the Resolution Professional (RP) on November 19, 2025.
“The implementation of the resolution plan is subject to the terms of the LoI and requisite approvals from the NCLT, Allahabad Bench, Prayagraj and/or any other regulatory authority/courts/tribunal under applicable laws,” AEL said.
Adani secured the highest support, receiving 89% of creditors’ votes, ahead of Dalmia Cement (Bharat) and the Vedanta Group. The National Asset Reconstruction Company Ltd, with around 86% of the CoC’s voting share, played a decisive role. Meanwhile, a small group of lenders — including State Bank of India and ICICI Bank — representing less than 3% of the CoC’s voting share, chose to abstain.
The resolution plan, or any part thereof, may be implemented by AEL, its promoters, promoter group and such other persons who are generally identified as being part of the Adani Group (including Adani Power, Adani Infra (India), Adani Ports and Special Economic Zone, Karnavati Aviation and/or Mandhata Build Estate Pvt. Ltd) or through any special purpose vehicle or any entity identified by AEL, in accordance with the terms of the resolution plan, the company said.
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“A detailed disclosure shall be made upon the written order being made available as required under the Listing Regulations and other applicable laws,” AEL said.
JAL was admitted to the CIRP in June last year after defaulting on payments of loans aggregating Rs 57,185 crore. It had received bids from Vedanta, Adani Enterprises, Dalmia Cement, Jindal Power and PNC Infratech.
JAL — incorporated in the year 1995 — is in the business of engineering & construction, cement manufacturing, power, fertilizer, real estate development, infrastructure, hotel and hospitality.
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