JaiprakashAssociates - Corporate Updates

NCLT clears Adani Enterprises plan to acquire Jaiprakash Associates

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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Adani Enterprises likely a top bidder for Jaiprakash Associates

Adani Enterprises Ltd is likely to be selected as the highest bidder to acquire the debt-laden Jaiprakash Associates Ltd (JAL) as lenders are said to be in favour of its faster repayment plan over Vedanta Group’s longer five-year schedule.

Adani’s plan to complete payments within two years reportedly scored higher in the evaluation conducted by JAL’s Committee of Creditors (CoC). In September, Vedanta had initially emerged as the top bidder with an offer of ₹12,505 crore. However, after lenders sought better value, fresh bids were invited from Adani Enterprises, Vedanta, Dalmia Cement (Bharat), Jindal Power and PNC Infratech.

The revised proposals were submitted in on October 14. Adani Enterprises offered ranked highest followed by Dalmia Cement and Vedanta.

The CoC is expected to put the resolution plan to vote within the next two weeks. Dalmia’s offer, however, is understood to be contingent upon a pending Supreme Court verdict involving JAL and the Yamuna Expressway Industrial Development Authority.

Meanwhile, the former promoters of JAL had also submitted a settlement offer under Section 12A, though they reportedly failed to identify clear funding sources.

JAL, which operates in real estate, cement, power, hospitality, and infrastructure, was admitted into the Corporate Insolvency Resolution Process by the National Company Law Tribunal, Allahabad, on June 3, 2024, after defaulting on loans. Financial creditors’ claims amount to around ₹60,000 crore, led by the National Asset Reconstruction Company Ltd, which acquired JAL’s stressed loans from a consortium led by State Bank of India.

In April, 25 companies had expressed interest in acquiring JAL, though only five eventually submitted bids. Vedanta initially emerged as the top bidder in the September challenge process before the latest round of revisions.

JAL’s assets include major real estate projects such as Jaypee Greens in Greater Noida, Wishtown in Noida, and Jaypee International Sports City near Jewar Airport, along with hotel properties in Delhi-NCR, Mussoorie, and Agra.

The group also owns non-operational cement plants in Madhya Pradesh and Uttar Pradesh, besides investments in subsidiaries such as Jaiprakash Power Ventures Ltd and Yamuna Expressway Tolling Ltd.

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