Adani Enterprises Ltd on Monday submitted its resolution plan worth over Rs 150 billion for bankrupt Jaiprakash Associates Ltd (JAL) before the Allahabad Bench of the National Company Law Tribunal (NCLT), seeking final approval under the Insolvency and Bankruptcy Code. The plan was placed before the tribunal by resolution professional Bhuvan Madan after receiving approval from the Committee of Creditors (CoC) in November, with the bench taking it on record and scheduling further hearings in January 2026 for adjudication and implementation-related directions. The proposal secured nearly 93 per cent of the votes cast by financial creditors through an electronic voting process that concluded on 18 November. National Asset Reconstruction Co Ltd, which holds 85.43 per cent of the voting power, provided decisive support, comfortably exceeding the 66 per cent approval threshold mandated under the Code. Asset Care and Reconstruction Enterprise, representing Yes Bank’s exposure with 1.64 per cent voting power, voted against the plan, while a few lenders abstained from voting. According to details submitted to the tribunal, the total admitted claims against Jaiprakash Associates stand at Rs 5.44 trillion, including Rs 195.7 billion in corporate guarantee claims and Rs 5.24 trillion in other claims. The resolution plan offers a realisable value of Rs 153.43 billion, translating into a recovery of about 2.8 per cent for creditors. The proposal includes Rs 60 billion as an upfront payment, around Rs 76 billion payable over two years, along with non-convertible debentures. If approved, the acquisition would give the Adani Group access to a large and diverse asset base, including 3,985 acres of land in Noida and Greater Noida in the National Capital Region, cement capacity of 6.5 million tonnes across Uttar Pradesh and Madhya Pradesh, and a 24 per cent stake in Jaiprakash Power Ventures Ltd. The group would also take over JAL’s hospitality business comprising 867 rooms across five hotels in Delhi, Agra and Mussoorie, along with fertiliser and construction units. The bidding process for Jaiprakash Associates attracted five suitors, including Vedanta Ltd, Dalmia Bharat, Jindal Power promoted by Naveen Jindal, and PNC Infratech. Vedanta had earlier submitted a bid valued at around Rs 170 billion on an enterprise value basis, but Adani’s offer reportedly prevailed due to its higher upfront component. Jaiprakash Associates, once the flagship company of the Jaypee Group with interests spanning real estate, cement, power and sports infrastructure, was admitted into insolvency in June 2024 after defaulting on more than Rs 550 billion in bank dues. Lenders led by State Bank of India later transferred stressed loans worth Rs 127 billion to NARCL, making the state-backed bad bank the single largest creditor. With the CoC’s approval in place, the NCLT will now assess statutory compliance, feasibility and the treatment of dissenting creditors before granting final clearance to the plan.