The National Company Law Tribunal (NCLT) has approved the resolution plan submitted by Adani Enterprises to acquire the financially troubled Jaiprakash Associates. The approval is a key step in resolving the company’s insolvency case under India’s bankruptcy law.
The tribunal’s Allahabad bench gave the approval on March 17, 2026, clearing the way for the Adani Group to take control of the Jaypee Group’s flagship company. Adani Enterprises had offered a resolution plan worth about ₹14,535 crore to take over the company and repay part of its debt.
Jaiprakash Associates entered the corporate insolvency process in June 2024 after it failed to repay loans of more than ₹57,000 crore. Banks and other lenders had been trying to recover their dues through the insolvency process.
Adani Enterprises emerged as the winning bidder after several companies showed interest in buying the stressed firm. The company’s proposal was approved by the lenders’ Committee of Creditors (CoC) in November 2025 with around 89% of the votes, which is well above the required approval level under the Insolvency and Bankruptcy Code.
With the tribunal’s approval, Adani Enterprises can now move ahead with implementing the resolution plan. The company may complete the acquisition directly or through its subsidiaries or special purpose vehicles.
The takeover will give the Adani Group access to several important assets owned by Jaiprakash Associates. These include real estate projects, cement operations, hotels, and infrastructure assets, mainly located in North India. The company also owns large township projects such as Jaypee Greens in Greater Noida and the Jaypee International Sports City near the upcoming Jewar airport.
However, existing shareholders of Jaiprakash Associates are unlikely to receive any payout under the resolution plan. Because the company’s debts are very high, most of the recovery will go to lenders, and current shares may be cancelled during the restructuring process.
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