India's National Company Law Tribunal approves Adani Enterprises' resolution plan for Jaiprakash Associates
Change
India's National Company Law Tribunal approved Adani Enterprises' resolution plan for Jaiprakash Associates via an oral order on March 17, 2026, and the plan offers nil consideration to existing shareholders.
Why it matters
The tribunal order effectively forecloses shareholder recovery through the resolution and clears the path for the successful applicant to take control and implement the restructuring through Adani Enterprises, group companies, or special purpose vehicles. Because the successful bidder found liquidation value insufficient to cover secured claims, creditor recoveries will proceed only under the approved plan rather than through liquidation alternatives.
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