NCLT Allahabad Approves Adani's ₹15,000 Crore Resolution Plan For Jaiprakash Associates

The Allahabad Bench of the National Company Law Tribunal (NCLT) on Tuesday approved the ₹15,000-crore resolution plan submitted by Adani Enterprises Limited for insolvent Jaiprakash Associates Limited (JAL).

The order was pronounced orally on March 17, 2026, by a bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma. A detailed order is yet to be uploaded.

The corporate insolvency resolution process (CIRP) against Jaiprakash Associates commenced on a petition filed by ICICI Bank. By an order dated June 3, 2024, the NCLT had admitted the plea after noting defaults running into several thousand crores. ICICI Bank's claim exceeded ₹3,000 crore, while State Bank of India filed claims totalling Rs 6,893.15 crore.

Jaiprakash Associates Limited, engaged in construction, cement and hospitality businesses, had faced prolonged financial stress despite selling multiple cement assets in recent years to reduce debt. In 2017, the company was also included in the Reserve Bank of India's list of major loan defaulters.

During the resolution process, Vedanta had submitted the highest overall bid of around ₹17,000 crore. However, the committee of creditors approved the plan of Adani Enterprises Limited, citing stronger upfront payment terms despite the lower total bid value.

With the NCLT's approval, Adani Enterprises has become the successful resolution applicant. The company has issued a disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 to the BSE and the National Stock Exchange of India Limited, informing them about the approval of the resolution plan.

As per the approved plan, the resolution will be implemented within 90 days from the date of the NCLT order.

The approval follows the delisting of Jaiprakash Associates from the stock exchanges. According to the successful resolution applicant's assessment, the liquidation value of the company is insufficient to meet the claims of secured creditors, and therefore no consideration will be paid to existing shareholders.

Consequently, the entire pre-CIRP share capital of the corporate debtor, including equity shares, preference shares, unallotted capital, convertible instruments, warrants, and exchangeable securities, shall stand cancelled and extinguished without any payment on the effective date.