Adani Submits Rs 150 Billion JAL Resolution Plan to NCLT
ECONOMY & POLICY

Adani Submits Rs 150 Billion JAL Resolution Plan to NCLT

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.

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.

Next Story
Infrastructure Energy

BMW Industries partners with IOCL for PNG supply at Bokaro plant

BMW Industries has entered into a strategic partnership with Indian Oil Corporation (IOCL) for the supply of Piped Natural Gas (PNG), reinforcing its commitment to adopting cleaner and more efficient energy sources for its operations.The agreement was signed at the Eastern Region Pipelines (ERPL) headquarters in Kolkata. The partnership is expected to support the company’s upcoming manufacturing facility in Bokaro by facilitating the use of natural gas as a primary energy source.According to the company, the adoption of PNG will help enhance operational efficiency while also contributing to ..

Next Story
Real Estate

Bombay Realty Secures RERA for Three ICC Tower in South Mumbai

Bombay Realty, the real estate arm of Bombay Dyeing and part of the Wadia Group, has received Real Estate Regulatory Authority (RERA) certification for Three ICC – Wing A, the latest luxury residential tower at Island City Center in Mumbai’s Dadar.The RERA registration marks a key milestone in the development timeline and reinforces the company’s focus on regulatory transparency, timely project delivery, and high construction standards.Following the success of One ICC and Two ICC, the upcoming Three ICC tower represents the next phase of the Island City Center development. The project ai..

Next Story
Infrastructure Energy

Flender launches India’s largest wind gearbox test rig in Walajabad

Flender has inaugurated a 13.5 MW wind turbine gearbox test rig at its Walajabad facility near Chennai, marking the largest installation of its kind in India. The new facility is expected to strengthen the company’s manufacturing and testing capabilities while supporting the growing demands of the wind power sector in both domestic and global markets.The test rig was inaugurated on March 5 in the presence of Andreas Evertz, Group CEO, Flender; Lars Wiegemann, Vice President Wind Gears, Flender; and Vinod Shetty, CEO, Flender India, along with key industry customers and stakeholders.The insta..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement