Adani submits ₹15,000-crore plan for Jaiprakash Associates for NCLT’s approval
Adani Enterprises Ltd, promoted by billionaire Gautam Adani, on Monday presented its resolution plan on ₹15,000 crore for bankrupt Jaiprakash Associates Ltd (JAL) is before the Allahabad Bench of the National Company Law Tribunal (NCLT) for final approval under the Insolvency and Bankruptcy Code (IBC).
The plan was presented to the bench by professional Bhuvan Madan after it was approved by the Committee of Creditors (CoC) in November. The court is expected to take the plan on record and continue hearings in January 2026 for further decisions and directions regarding its implementation.
The proposal received approximately 93% positive votes from financial creditors during the electronic voting process that concluded on November 18.
Since the National Asset Reconstruction Co Limited (NARCL) had 85.43% of the voting power, its support alone was sufficient to approve the plan, for which at least 66% was needed under the Insolvency and Bankruptcy Code. While Asset Care and Reconstruction Enterprise (ACRE), which represents Yes Bank’s share of the debt with 1.64 per cent voting rights, voted against the plan, some other lenders did not vote.
According to the resolution plan submitted to the court, the total amount of claims accepted against JAL is as follows: ₹5.44 lakh crore included ₹19,570 crore in corporate guarantee claims and ₹5.24 lakh crore in other claims. The plan proposes a realizable value. ₹15,343 crore, representing a recovery of around 2.8% for creditors.
Mint It had previously reported that the proposal included ₹6,000 crore upfront, approx. ₹7,600 crore and non-convertible debentures (NCDs) payable in two years.
Access to portfolio
If approved, the acquisition will give Adani access to a wide 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 in Uttar Pradesh and Madhya Pradesh, and a 24% stake in Jaiprakash Power Ventures Ltd.
The group will also take over a hospitality business comprising fertilizer and construction units, along with 867 rooms in five hotels in Delhi, Agra and Mussoorie.
The bidding process for JAL involved five contestants, including Vedanta Ltd, Dalmia Bharat, Naveen Jindal’s Jindal Power and PNC Infratech. Vedanta had previously made an offer ₹17,000 crore in terms of enterprise value, but Adani’s bid reportedly won due to higher upfront component.
Jaiprakash Associates, once the flagship of Jaypee Group and known for real estate, cement, energy and sports infrastructure, was admitted to bankruptcy in June 2024 after multiple defaults. ₹55,000 crore debt to banks. Lenders, led by State Bank of India, later transferred the loan value ₹12,700 crore to NARCL, making the bad bank the dominant creditor.
With the CoC approving the resolution plan, the NCLT Allahabad Bench will now examine the legal compliance, feasibility and treatment of dissenting creditors before approving the plan.
