Adani Enterprises Limited (AEL) has received approval from the Hon’ble National Company Law Tribunal (NCLT), Allahabad Bench, for its resolution plan to acquire Jaiprakash Associates Limited (JAL). The plan was previously approved by the Committee of Creditors (CoC) with a substantial 93.81% voting share on November 18, 2025. The NCLT order, pronounced on March 17, 2026, sanctions the plan, binding all stakeholders, and concludes the Corporate Insolvency Resolution Process (CIRP) for JAL.
NCLT Sanctions Resolution Plan for JAL
On March 19, 2026, Adani Enterprises Limited (AEL) announced that the Hon’ble National Company Law Tribunal (NCLT), Allahabad Bench, has formally placed the order approving the resolution plan for Jaiprakash Associates Limited (“JAL”) on its website. The order was pronounced on March 17, 2026.
CIRP Timeline and CoC Approval
The CIRP for JAL commenced on June 3, 2024. The resolution plan submitted by AEL (the “Successful Resolution Applicant” or “SRA”) received overwhelming approval from the Committee of Creditors (CoC) with a voting share of 93.81% in its meeting held on November 18, 2025.
The application for plan approval before the Adjudicating Authority (AA) was filed on November 27, 2025. The process involved 24 CoC meetings, including discussions on the issuance of Form ‘G’ and a subsequent Challenge Process involving five rounds, ultimately leading to the final voting in the 23rd CoC meeting on November 7, 2025.
Evaluation and Compliance Highlights
The resolution plans were evaluated using an Evaluation Matrix developed with the assistance of the expert body BDO India LLP. Out of the five plans considered, AEL’s plan achieved a total score of 89.76 out of 100. Key compliance aspects confirmed by the Resolution Professional (RP) include:
- The plan meets all requirements under Section 30(2) of the Code.
- The SRA confirmed obtaining the requisite approval from the Competition Commission of India (CCI) on August 26, 2025.
- The SRA submitted a performance bank guarantee of INR 500 Crores on November 20, 2025.
Financial Treatment Overview (Realizable Amounts)
The total admitted claims amounted to approximately ₹57,497.93 Crores (as of the CoC reconstitution on 05.11.2025). The plan proposes a total realizable amount under the plan of approximately ₹1,40,84,20,42,413.98. The realization percentages against key benchmarks are:
- Percentage of realizable amount to Total Admitted Amount: 23%.
- Percentage of realizable amount to Fair Value (₹19,234 Crores): 73%.
- Percentage of realizable amount to Liquidation Value (₹15,799 Crores): 89%.
Treatment for key creditor classes:
- Secured Financial Creditors (Assenting): Receive ₹1,35,31,50,00,000.00, representing 26% of their admitted claim. This includes an upfront payout of ₹6,005 crore within 90 days of approval.
- Unsecured Financial Creditors (Except Related Party): Receive ₹4,50,54,92,984.26, representing 9% of their admitted claim.
- Employees and Workmen: Receive ₹21,05,65,839.72, representing 29% of their admitted claim.
- Operational Creditor (Including Government Dues): Receive ₹81,09,83,590.00, representing 6% of their admitted claim.
Treatment of Special Claims (YEIDA & Homebuyers)
The plan addresses the admitted debt owed to YEIDA (₹1,067,86,56,683.07, classified as secured debt) through proposed YEIDA Resolution Payouts, which are subject to pending Supreme Court proceedings regarding the ‘Sports City’ project.
Homebuyers (Admitted Class FC Debt of ₹2,074,85,25,603.59) are primarily offered the delivery of their respective units according to specific timelines (e.g., 2 years from the relevant Zero Date for Wishtown/Jaypee Greens group housing). An Exit Option for refund is also provided, in addition to the treatment of contingent claims related to the YEIDA litigation.
Implementation and Reliefs
The NCLT order mandates that the implementation of the resolution plan commences from the Plan Approval Date, with the ‘Effective Date’ occurring within 90 days (i.e., no later than March 17, 2026 + 90 days).
Significant reliefs granted include:
- A moratorium under Section 14 ceases immediately upon the order date.
- The SRA is granted an exemption of 3 years to remedy corporate social responsibility expenses.
- All non-compliances related to environmental laws until the Effective Date are deemed waived, with an additional 36 months granted for compliance on certain norms (e.g., FGD installation).
- Relief is granted on a clean slate basis concerning all past non-compliances, subject to the implementation terms.
A Monitoring Committee comprising nominees from the Designated Lender, RP/Insolvency Professional, and the Resolution Applicant is constituted to supervise the implementation per Clauses 7 and 8 of the plan.
Source: BSE
