Billionaire Gautam Adani–promoted Adani Enterprises Ltd on Monday submitted its resolution plan of over ₹15,000 crore for bankrupt Jaiprakash Associates Ltd (JAL) before the Allahabad Bench of the National Company Law Tribunal (NCLT), seeking final approval under the Insolvency and Bankruptcy Code (IBC).
The plan was placed before the bench by resolution professional Bhuvan Madan, following its approval by the Committee of Creditors (CoC) in November. The tribunal took the plan on record and is expected to resume hearings in January 2026 for further adjudication and directions on implementation.
The proposal had got about 93% votes in favour from financial creditors during an electronic voting process that concluded on 18 November.
Since National Asset Reconstruction Co Limited (NARCL) holds 85.43% of the voting power, its support alone was enough to approve the plan, which needed at least 66% under the Insolvency and Bankruptcy Code. Asset Care and Reconstruction Enterprise (ACRE), representing Yes Bank’s share of the debt with 1.64% voting power, voted against the plan, while some other lenders did not vote.
According to the resolution plan placed before the court, the total admitted claims against JAL amount to ₹5.44 lakh crore, including ₹19,570 crore in corporate guarantee claims and ₹5.24 lakh crore in other claims. The plan proposes a realizable value of ₹15,343 crore, implying a recovery of about 2.8% for creditors.
Mint had earlier reported that the proposal includes ₹6,000 crore upfront, about ₹7,600 crore payable over two years and non-convertible debentures (NCDs).
Access to portfolio
If approved, the acquisition will give Adani access to a large portfolio of assets, including 3,985 acres of land in Noida and Greater Noida in the National Capital Region, 6.5 million tonnes of cement capacity across Uttar Pradesh and Madhya Pradesh, and a 24% stake in Jaiprakash Power Ventures Ltd.
The conglomerate will also take over a hospitality business, comprising 867 rooms across five hotels in Delhi, Agra and Mussoorie, along with fertilizer and construction units.
The bidding process for JAL saw five contenders, including Vedanta Ltd, Dalmia Bharat, Naveen Jindal’s Jindal Power, and PNC Infratech. Vedanta earlier bid around ₹17,000 crore in enterprise value terms, but Adani’s offer reportedly won due to a higher upfront component.
Jaiprakash Associates—once the flagship of the Jaypee Group and known for real estate, cement, power and sports infrastructure—was admitted into insolvency in June 2024 after defaulting on over ₹55,000 crore in dues to banks. Lenders led by State Bank of India subsequently transferred debt worth ₹12,700 crore to NARCL, making the bad bank the dominant creditor.
With the CoC having approved the resolution plan, the NCLT Allahabad Bench will now examine statutory compliance, feasibility and treatment of dissenting creditors before approving the plan.