On Tuesday, the National Company Law Tribunal (NCLT) granted approval for Adani Enterprises Ltd’s bid of Rs 14,535 crore to acquire Jaiprakash Associates Ltd through the insolvency process. Jaiprakash Associates Ltd (JAL) disclosed in a regulatory filing that the Allahabad bench of the NCLT has “orally pronounced an order on March 17, 2026” endorsing the resolution plan proposed by Adani Enterprises Ltd.
Last November, a Committee of Creditors (CoC) sanctioned the resolution plan put forth by business magnate Gautam Adani for the acquisition of JAL. Adani Enterprises secured the endorsement of JAL’s creditors for its acquisition proposal of Rs 14,535 crore for the insolvent infrastructure group, surpassing bids from Vedanta and Dalmia Bharat.
The CoC of JAL, which is undergoing the Corporate Insolvency Resolution Process (CIRP) as per the Insolvency and Bankruptcy Code 2016 (IBC), has approved the resolution plan submitted by Adani Enterprises Limited (AEL), as stated in a stock exchange filing by AEL. Adani garnered the highest support, with 89 percent of votes from creditors, followed by Dalmia Cement (Bharat) and the Vedanta Group, as reported.
Jaiprakash Associates Ltd, which possesses high-quality assets and diverse business interests in real estate, cement manufacturing, hospitality, power, and engineering & construction, was admitted to the CIRP in June of the previous year after defaulting on loan payments totaling Rs 57,185 crore.
JAL is involved in significant real estate projects such as Jaypee Greens in Greater Noida, part of Jaypee Greens Wishtown in Noida (both located on the outskirts of the national capital), and the Jaypee International Sports City, situated near the forthcoming Jewar International Airport.
Additionally, it owns three commercial/industrial office spaces in the Delhi-NCR region, while its hotel division comprises five properties located in Delhi-NCR, Mussoorie, and Agra. JAL operates four cement plants in Madhya Pradesh and Uttar Pradesh, along with several leased limestone mines in Madhya Pradesh. Furthermore, it has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, and Jaypee Infrastructure Development Ltd.
