Adani Enterprises Wins NCLT Nod for Jaiprakash Associates Resolution Plan

Adani Enterprises on Tuesday revealed in an exchange filing that the National Company Law Tribunal (NCLT), Allahabad Bench, orally approved its resolution plan for Jaiprakash Associates under the Insolvency and Bankruptcy Code, 2016.

“We hereby inform you that the Hon’ble NCLT has orally pronounced an order today… approving the resolution plan… submitted by Adani Enterprises Limited,” the company said. The approval came on March 17.

The company is said to make detailed disclosures once the written order is issued. Earlier, Adani Enterprises had been identified as the successful bidder for the stressed firm.

The company also said the resolution plan may be implemented either directly by Adani Enterprises, its group entities, or through special purpose vehicles, in line with the approved structure.

In a separate filing, Jaiprakash Associates informed that the resolution plan provides no recovery for equity shareholders, as the liquidation value falls short of covering secured creditors’ dues. Consequently, the exit value for existing shareholders under the delisting process has been fixed at zero.

Jaiprakash Associates, the flagship entity of the Jaypee Group, is facing claims totalling ₹57,185 crore, with National Asset Reconstruction Company among its key lenders. The company was admitted into insolvency proceedings in June 2024.

The ₹12,505 crore bid by Vedanta Group to acquire the stressed assets of Jaiprakash Associates received clearance from the Competition Commission of India in October 2025. However, the following month, the company’s committee of creditors opted to back a competing proposal from Adani Enterprises.

After today's announcement, Jaiprakash Associates shares tumbled 4.74% to settle at Rs 2.41 apiece. Adani Enterprises fell 0.09% to Rs 1,973.80.