Adani Enterprises Limited has received approval from the National Company Law Tribunal (NCLT) for its resolution plan to acquire Jaiprakash Associates Limited (JAL). The plan, initially submitted on 14 October 2025 and clarified via email on 5 November 2025, was approved by the Allahabad Bench of the NCLT, with the order being made available on 18 March 2026.
The resolution plan was supported by a significant majority, receiving a 93.81% voting share from the Committee of Creditors (CoC) on 18 November 2025. The CoC, represented by the National Asset Reconstruction Company Limited (NARCL), had its 23rd meeting on 7 November 2025, where the plan was endorsed.
Jaiprakash Associates Limited, which has been undergoing a Corporate Insolvency Resolution Process (CIRP) since 3 June 2024, is involved in various sectors including engineering, construction, real estate, cement, and hospitality. The company also has interests in power generation, fertiliser production, and road BOT projects through its subsidiaries.
The CIRP was initiated following a petition by ICICI Bank Limited, which was admitted by the NCLT on 3 June 2024. Mr. Bhuvan Madan was appointed as the Resolution Professional (RP) for JAL, succeeding his initial role as the Interim Resolution Professional (IRP).
Adani Enterprises, as the successful resolution applicant, is authorised to implement the resolution plan either directly or through its affiliates and special purpose vehicles. These include entities such as Adani Power Limited, Adani Infra (India) Limited, and Adani Ports and Special Economic Zone Limited, among others.
The approval marks a significant step in the insolvency resolution process for JAL, providing a pathway for the company’s restructuring and potential recovery under the management of Adani Enterprises.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).