NCLT Approves Adani Enterprises' ₹14,535 Crore Resolution Plan for Jaiprakash Associates; NCLAT Upholds Decision
NCLT Formally Approves Adani Enterprises' ₹14,535 Crore Acquisition of Jaiprakash Associates
On March 17, 2026, the National Company Law Tribunal (NCLT) Allahabad Bench formally approved Adani Enterprises Limited's resolution plan for Jaiprakash Associates Limited, with a 93.81% Committee of Creditors vote. The approval marks the conclusion of one of India's largest insolvency proceedings and grants Adani control of a diversified portfolio spanning infrastructure, real estate, cement, power, and hospitality.
The Asset Portfolio
The acquisition grants Adani access to approximately 3,985 acres of prime land in Noida and Greater Noida, cement capacity of 6.5 million tonnes across plants in Uttar Pradesh and Madhya Pradesh, a 24% stake in Jaiprakash Power Ventures, premium real estate developments including Jaypee Greens and Wish Town, the Jaypee International Sports City near the upcoming Jewar International Airport, and hotel properties across key business and tourist hubs.
JAL operates four cement plants in Madhya Pradesh and Uttar Pradesh, along with several leased limestone mines in Madhya Pradesh, and holds investments in subsidiaries including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, and Jaypee Infrastructure Development Ltd.
Path Through Insolvency
Jaiprakash Associates Limited, which operates in the construction, cement, and hospitality sectors, was admitted into insolvency in June 2024 on a petition filed by ICICI Bank after facing prolonged financial stress despite selling multiple cement assets to reduce debt. The company faced admitted claims exceeding ₹57,000 crore.
Adani Enterprises received a letter of intent in November 2025 identifying it as the successful resolution applicant in the insolvency process. The Committee of Creditors approved the plan of Adani Enterprises, valued at about Rs 15,000 crore, citing stronger upfront payment terms despite lower total bid value compared to competing proposals.
Vedanta Challenge Dismissed
The National Company Law Appellate Tribunal (NCLAT) on May 4, 2026, dismissed an appeal by Vedanta Limited challenging the acceptance of Adani's resolution plan for the debt-laden Jaiprakash Associates Limited. A two-member bench, comprising Chairperson Ashok Bhushan and Member Technical Barun Mitra, ruled that there were no valid reasons to overturn the prior decision made by the National Company Law Tribunal.
Vedanta had argued that its bid featured a higher plan value of ₹3,400 crore and a Net Present Value of ₹500 crore compared to Adani's proposal. Throughout the proceedings, the CoC maintained that the selection process complied strictly with IBC rules, asserting that the commercial viability and long-term feasibility of a plan outweigh simple valuation.
With the NCLAT's dismissal of Vedanta's pleas, the path is now clear for Adani Enterprises to move forward with the acquisition of JAL's high-quality asset portfolio.
Implementation and Strategic Fit
The approval includes immediate delisting with zero shareholder consideration and allows implementation through various Adani group entities within 90 days of the March 17, 2026 order.
For Adani, the transaction is consistent with its established playbook of acquiring distressed infrastructure assets through the insolvency process at deep discounts to replacement value, and represents a significant consolidation of its position in NCR real estate and the national cement sector, where its Ambuja Cements arm is expected to formally integrate JAL's cement units in the near term.
Adani Group's Broader Real Estate Footprint
Adani Realty is the real estate arm of the Adani Group, with approximately 144 million sq. ft. of real estate space under development, including residential, commercial, and social club projects across Ahmedabad, Mumbai, Pune, and Gurugram. The company has 54 residential and commercial projects in its portfolio, out of which 11 projects are in Mumbai.
Landmark projects include Adani Shantigram in Ahmedabad, Adani Western Heights in Mumbai, and Adani Navi Mumbai Township, with the company having earned several industry awards for its excellence in real estate development and sustainable practices.