Adani Enterprises Ltd informed the stock exchanges on Tuesday that the National Company Law Tribunal (NCLT) orally pronounced an order approving the resolution plan for Jaiprakash Associates Ltd dated October 14, 2025, submitted by an Adani group company.
The approval was conveyed through an oral order pronounced on March 17, 2026, with the company stating that detailed disclosures will follow once the written order is made available.
“Please note that this disclosure is being made pursuant to the oral pronouncement of order by the Honourable NCLT. A detailed disclosure shall be made upon the written order being made available as required under the Listing Regulations and other applicable laws,” Adani Enterprises stated.
Earlier, Adani Enterprises had been identified as the successful resolution applicant after its proposal received approval from the Committee of Creditors in November 2025.
It may be recalled that Vedanta group’s Rs 12,505-crore offer to acquire beleaguered businesses of debt-ridden Jaiprakash Associates was approved by the Competition Commission of India (CCI) in October 2025. However, in November 2025, the committee of creditors (CoC) voted in favour of Adani Enterprises.
The company stated that the resolution plan may be implemented either directly by Adani Enterprises, its group entities, or through special purpose vehicles, in line with the approved structure. These companies may include Adani Power Limited, Adani Infra (India) Limited, Adani Ports and Special Economic Zone Limited, Karnavati Aviation Private Limited, and Mandhata Build Estate Private Limited.
Separately, Jaiprakash Associates said that the resolution plan envisages no recovery for equity shareholders, noting that the liquidation value is insufficient to meet secured creditor claims. As a result, the exit value for existing shareholders has been set at nil under the delisting process.
Jaiprakash Associates, the flagship firm of the Jaypee Group, is facing claims of Rs 57,185 crore, with National Asset Reconstruction Company Ltd among its key lenders. The company was admitted to insolvency proceedings in June 2024.