NCLT Approves Adani Enterprises' ₹14,535 Crore Resolution Plan for Jaiprakash Associates

NCLT Clears Adani Enterprises' ₹14,535 Crore Acquisition of Jaiprakash Associates

The National Company Law Tribunal (NCLT) formally approved Adani Enterprises' resolution plan for Jaiprakash Associates Limited on March 17, 2026, with a 93.81% Committee of Creditors vote. The approval by the NCLT Allahabad Bench resolves one of India's largest insolvency cases, clearing the legal path for Adani to acquire the debt-laden infrastructure conglomerate's portfolio of real estate, cement, power, and hospitality assets.

The Transaction Structure

The resolution plan is valued at ₹14,535 crore (approximately US$1.7 billion), structured as an upfront payment of approximately ₹6,000 crore with full settlement within two years, with lenders taking a haircut of up to 79% on admitted claims. The approval includes immediate delisting of Jaiprakash Associates with zero shareholder consideration.

Implementation is allowed through various Adani group entities within 90 days of the March 17, 2026 order. Adani Group subsequently paid ₹6,000 crore to the lenders in May 2026, marking the first tranche of the resolution plan.

Jaiprakash Associates' Financial Distress

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.

Assets Under Adani's Control

The deal gives Adani control of major assets: nearly 4,000 acres in Noida and Greater Noida, cement plants in Uttar Pradesh and Madhya Pradesh, and stakes in real estate and power ventures. JAL's primary real estate holdings include Jaypee Greens in Greater Noida, Wishtown in Noida, and Jaypee International Sports City near the proposed Jewar airport.

As part of the same resolution plan, Adani Power Limited has entered definitive agreements to acquire 24% of Jaiprakash Power Ventures Limited for ₹2,993.59 crore and JAL's 180 MW thermal power plant at Churk in Sonbhadra, Uttar Pradesh, along with 11.49% shares of Prayagraj Power Generation Company Limited, for ₹1,200 crore. Adani Ports and Special Economic Zone Limited has signed a Share Purchase Agreement with JAL to acquire 100% of Jaypee Fertilizers & Industries.

Contested Approval and Appeals

During the resolution process, Vedanta submitted the highest overall bid of about ₹17,000 crore. However, the Committee of Creditors approved the plan of Adani Enterprises, valued at about ₹15,000 crore, citing stronger upfront payment terms despite the lower total bid value. The NCLAT, by order dated March 24, declined interim relief and allowed implementation to proceed, and on May 4, 2026, the NCLAT dismissed Vedanta's appeal challenging the acceptance of Adani's resolution plan.

Adani Group's Diversified Acquisition Strategy

The Jaiprakash Associates acquisition represents a significant addition to the Adani Group's diversified portfolio. The Adani Group has business operations spread across sectors like energy, resource, logistics, materials, and agro, with Adani Enterprises Limited as the flagship company. Adani Infrastructure and Developers Private Limited (AIDPL) is the wholly owned subsidiary of Adani Properties Private Limited and the holding company of all the realty businesses of the Adani Group.

For Adani Realty specifically, the company has developed approximately 33 million square feet and has approximately 144 million square feet of real estate space under development, including residential, commercial, and social club projects across Ahmedabad, Mumbai, Pune, and Gurugram. This acquisition of Jaiprakash's real estate assets—particularly the extensive land parcels in the Noida-Greater Noida corridor—expands the group's footprint in a high-growth region positioned to benefit from proximity to the proposed Jewar airport.