The National Company Law Tribunal (NCLT), Allahabad bench, approved the resolution plan in the Jaiprakash Associates’ insolvency case submitted by Adani Enterprises on Tuesday.
The approval, given orally during the tribunal’s proceedings on March 17 under Section 31 of the Insolvency and Bankruptcy Code, marks a step forward in the company’s prolonged insolvency proceedings. The plan, originally submitted in October 2025 along with subsequent clarifications, positions Adani Enterprises as the successful resolution applicant.
“A detailed disclosure shall be made upon the written order being made available as required under the Listing Regulations and other applicable laws,” JAL said in an exchange filing.
Rs 14,535 crore acquisition proposal
Adani Enterprises won the approval of creditors of JAL for its Rs 14,535 crore acquisition proposal for the bankrupt infrastructure group. It outbid Vedanta and Dalmia Bharat to win the bid for JAL.
As part of the approved resolution plan, Jaiprakash Associates’ securities will be delisted from stock exchanges. The company said the delisting process will be carried out in line with applicable regulations, with necessary actions to be initiated immediately following the approval.
The plan offers no recovery to existing shareholders. Based on the assessment of the successful resolution applicant, the liquidation value is insufficient to fully meet even the claims of secured creditors. As a result, the exit price for shareholders has been set at nil.
Further, the plan provides for the complete cancellation and extinguishment of the company’s pre-insolvency share capital, including equity and preference shares, as well as any convertible instruments or rights. This will take effect within a defined timeline, not later than 90 days from the date of approval.
What did JAL say in company filing
“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,” JAL added in the filing.
The resolution professional, stock exchanges and other stakeholders are expected to facilitate the implementation of the plan.
JAL, with interests in real estate, cement, power, hospitality and infrastructure, was admitted to corporate insolvency proceedings by the Allahabad bench of the National Company Law Tribunal (NCLT) in June 2024. Its financial creditors have filed claims of Rs 57,185 crore, with the National Asset Reconstruction Company (NARCL) now the largest claimant. NARCL acquired loans from a consortium of lenders led by State Bank of India in March 2025, making it central to the resolution.
At least 25 entities had initially submitted expressions of interest, including Dalmia Bharat, Jindal Power and PNC Infratech. However, binding bids were submitted by a handful of companies, including Adani Enterprises and Vedanta.
In September last year, Vedanta’s Rs 17,000 crore bid was said to have been approved, though it later faced some hurdles, resulting in the Gautam Adani led conglomerate snapping up the stressed entity.