NCLT approves Adani’s ₹15,000-crore plan for bankrupt Jaiprakash Associates

National Company Law Tribunal (NCLT), Allahabad, approves takeover of Adani Enterprises ₹15,000-crore resolution plan for bankrupt Jaiprakash Associates Ltd (JAL) rejects Vedanta Ltd’s objection.

While announcing the decision, the NCLT bench said, “The resolution plan has been approved as per the details in the order.”

No detailed written instructions were available by press time.

After NCLT approval, the resolution plan becomes binding and control passes to Adani Enterprises and payments to creditors begin as per the timeline determined by the monitoring committee. The company then moves towards implementation and eventually emerging from bankruptcy.

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However, opposition parties like Vedanta may challenge the decision before the National Company Law Appellate Tribunal (NCLAT). If the appellate court accepts the plea and decides to stay the NCLT order, there may still be delays in implementing the plan despite the approval.

The hearing came after a challenge led by Anil Agarwal Vedanta Ltd., whose offer was rejected by lenders. Vedanta called it a “commercial conspiracy”, claiming the process was unfair and not transparent.

The plan formalizes Adani Enterprises’ takeover of JAL and brings the long-running bankruptcy case closer to closure.

Adani’s resolution plan submitted in November received nearly 93% votes from financial creditors; this was well above the 66% required under the Insolvency and Bankruptcy Code. The support was led by National Asset Reconstruction Co., which has 85.43% voting rights after borrowing from banks. Ltd (NARCL) took over. Asset Care and Reconstruction Enterprise, which represents Yes Bank’s exposure, voted against the plan.

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Adani’s offer was preferred due to its payment structure. ₹6,000 crore upfront and the rest within two years. In comparison, Vedanta’s ₹12,505 crore proposal on net present value basis suggested payment over five years.

against total accepted claims ₹Adani’s plan offers realizable value of 5.44 trillion ₹15,343 crore, representing a recovery of around 2.8% for creditors.

Adani will gain access to JAL’s significant assets, including around 3,985 acres of land in Noida and Greater Noida, 6.5 million tonnes of cement capacity in Uttar Pradesh and Madhya Pradesh, and 24% stake in Jaiprakash Power Ventures Ltd.

This acquisition will support investment Adani Group’s cement expansion. JAL’s assets, which include the Shahabad grinding unit and Chunar cement plant as well as limestone mines, will help increase capacity and secure raw materials.

Adani Group branch, Ambuja Cements plans to increase production from the current 109 million tonnes to 155 million tonnes by FY28.

JAL also has a big share Real estate assets including Jaypee Greens in Greater Noida, Wishtown in Noida and Jaypee International Sports City near the upcoming Jewar airport, as well as hotels in the National Capital Region, Mussoorie and Agra.

JAL was plunged into bankruptcy in June 2024 after defaulting on overdraft loans. ₹55,000 crore. Lenders led by State Bank of India were later transferred ₹12,700 crore debt to NARCL, making it the largest creditor.

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The company’s problems stem from heavy borrowing for expansion, worsened by the 2008 global financial crisis, and delays on projects such as Wish Town that have triggered complaints from homebuyers.

Many entities of Jaypee Group have already been declared bankrupt. While Jaypee Infratech Ltd was acquired by Suraksha Group in 2024, Bhilai Jaypee Cement went into bankruptcy in 2025. Other organizations are in the process of restructuring.