The National Company Law Tribunal (NCLT) has approved the resolution plan submitted by Adani Enterprises Ltd (AEL) for the bankrupt Jaiprakash Associates Ltd (JAL) under the Insolvency and Bankruptcy Code, 2016.
In an exchange filing, Adani Enterprises said the tribunal had orally pronounced its order on March 17, 2026, approving the resolution plan dated October 14, 2025. The company had earlier emerged as the successful resolution applicant following a competitive bidding process.
The approval marks a key milestone in the corporate insolvency resolution process (CIRP) of JAL, a diversified infrastructure and construction company that defaulted on substantial loan obligations.
A ₹14,535 Crore Bid in a Competitive Process
Adani Enterprises secured creditor approval for its ₹14,535 crore bid in November 2025, outbidding competing offers from Vedanta and Dalmia Bharat. The Committee of Creditors (CoC), overseeing the insolvency proceedings, voted in favor of the plan, paving the way for its submission to the tribunal.
This is BIG
NCLT Allahabad bench approves Adani’s offer to acquire Jayprakash Associates.
This could potentially be the biggest push for the Noida’s real estate scenario and unlock its true potential.
Adani to pay ₹14,535 Cr to acquire JAL assets including:
🔸3,985 acres of… pic.twitter.com/j3wITzLrIH
— The Uttar Pradesh Index (@theupindex) March 18, 2026
According to disclosures, Adani received the highest level of support, with 89 percent of creditors’ votes backing its proposal. The National Asset Reconstruction Company Ltd, which holds a significant share in the debt, played a decisive role in the voting process, accounting for approximately 86 percent of the CoC’s voting share.
A small group of lenders, including State Bank of India and ICICI Bank, representing less than 3 percent of the voting share, chose to abstain.
Implementation Subject to Regulatory Approvals
Adani Enterprises said the implementation of the resolution plan will be subject to the terms outlined in the Letter of Intent and approvals from relevant regulatory and judicial authorities, including the NCLT’s Allahabad Bench in Prayagraj.
The company noted that detailed disclosures would be made upon receipt of the written order, in accordance with listing regulations and applicable laws.
The resolution plan, or parts of it, may be executed by Adani Enterprises, its promoters, or entities within the Adani Group. These could include affiliated companies such as Adani Power, Adani Infra (India), Adani Ports and Special Economic Zone, Karnavati Aviation, or Mandhata Build Estate Pvt. Ltd., as well as other special purpose vehicles identified for implementation.
A Legacy Case of Debt and Diversification
Jaiprakash Associates was admitted into the insolvency process in June last year after defaulting on loans aggregating to approximately ₹57,185 crore. Incorporated in 1995, the company has had a wide business footprint spanning engineering and construction, cement manufacturing, power, fertilizers, real estate development, infrastructure, hospitality, and related sectors.
The scale and diversity of its operations made the resolution process one of the more closely watched cases under India’s insolvency framework. Multiple bidders, including Vedanta, Adani Enterprises, Dalmia Cement, Jindal Power, and PNC Infratech, had expressed interest in acquiring the stressed assets.
The tribunal’s approval of Adani’s plan now sets the stage for the next phase of implementation, subject to regulatory clearances and compliance with the prescribed framework under the Insolvency and Bankruptcy Code.
