India's NCLT approves Adani Enterprises resolution plan for Jaiprakash Associates
→Share registrars must process delisting exits at NIL consideration
Change
India's National Company Law Tribunal (NCLT) approved Adani Enterprises' resolution plan for Jaiprakash Associates via an oral order on March 17, 2026, fixing shareholder exit consideration at NIL and allowing execution by Adani, its group companies or special purpose vehicles.
Why it matters
The resolution professional found liquidation value insufficient to satisfy secured creditors, which fixes the exit price for existing shareholders at NIL under the approved plan. The company must publish detailed disclosures once the NCLT issues the written order before implementation proceeds.
Implications
- — Jaiprakash Associates' corporate secretariat and share-transfer agents must execute delisting paperwork and process shareholder exits at NIL consideration immediately after the NCLT's written order is issued — failure to process exits will block implementation of the approved resolution plan.
- — Adani Enterprises' disclosure and transaction teams must publish the detailed plan disclosures immediately after the NCLT's written order is issued — until disclosures are published stakeholders will lack the official documents required for plan execution.
Unlock the full brief.
Implications — what this forces you to change
Who is affected — which roles and obligations are exposed
What to watch — binding deadlines and enforcement dates
Real-time alerts — delivered the moment a binding change is published
Clarify with AI — turn any brief into a decision for your role
Start free trial
No credit card · $29/month (~₹2,400) after trial · Active in seconds
Source
View on Economic Times