REGULATORY · COMPETITIVE · INDIA
NCLT approves Adani Enterprises' resolution plan for Jaiprakash Associates
Change
The National Company Law Tribunal issued an oral order on March 17, 2026 approving Adani Enterprises' resolution plan for Jaiprakash Associates.
Why it matters
An oral NCLT order approving the resolution plan was delivered on March 17, 2026. The Committee of Creditors had approved the resolution on November 19, 2025, and Adani Enterprises received a Letter of Intent from the resolution professional on the same date. The resolution plan permits execution by Adani Enterprises, its group companies, or through special purpose vehicles. Jaiprakash Associates owes about Rs 55,000 crore; National Asset Reconstruction Company is the largest creditor. Jaiprakash Associates entered insolvency proceedings in June 2024 and is administered by resolution professional Bhuvan Madan of Deloitte; detailed disclosures will follow issuance of the written NCLT order.
Implications
- · Existing shareholders of Jaiprakash Associates are assigned NIL consideration as the exit price under the Approved Resolution Plan.
- · Execution steps can proceed through Adani Enterprises, affiliated group companies, or special purpose vehicles, defining available transaction vehicles.
- · Creditor recoveries will be determined and allocated under the terms of the Approved Resolution Plan and related insolvency procedures.
- · Formal documentation and disclosure will depend on issuance of the NCLT written order.
Who is affected
- · Existing shareholders of Jaiprakash Associates
- · Secured creditors of Jaiprakash Associates
- · Adani Enterprises and affiliated group companies / special purpose vehicles
- · Resolution professional and Committee of Creditors
What to watch
- · Issuance of the NCLT written order formalizing the oral approval
Source
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