**Adani Enterprises Submits ₹15,000 Crore Resolution Plan for Jaiprakash Associates**
Billionaire Gautam Adani’s Adani Enterprises Ltd has presented a resolution plan exceeding ₹15,000 crore for the bankrupt Jaiprakash Associates Ltd (JAL) to the Allahabad Bench of the National Company Law Tribunal (NCLT). This submission seeks final approval under the Insolvency and Bankruptcy Code (IBC). The resolution professional, Bhuvan Madan, introduced the plan after it received the Committee of Creditors’ (CoC) approval in November. The tribunal has acknowledged the plan and is set to continue hearings in January 2026 for further adjudication and implementation directions.
The proposal garnered approximately 93% support from financial creditors during an electronic voting process that concluded on November 18. Notably, the National Asset Reconstruction Co Limited (NARCL) holds 85.43% of the voting power, which was sufficient for the plan’s approval, as only 66% was required under the IBC. However, Asset Care and Reconstruction Enterprise (ACRE), representing Yes Bank’s debt share with 1.64% voting power, opposed the plan, while some lenders abstained from voting.
According to the resolution plan submitted to the court, the total admitted claims against JAL amount to ₹5.44 lakh crore, which includes ₹19,570 crore in corporate guarantee claims and ₹5.24 lakh crore in other claims. The proposed plan indicates a realizable value of ₹15,343 crore, suggesting a recovery rate of approximately 2.8% for creditors. The proposal outlines an upfront payment of ₹6,000 crore, with an additional ₹7,600 crore payable over two years, along with non-convertible debentures (NCDs).
If the plan receives approval, Adani will gain access to a substantial portfolio of assets, including 3,985 acres of land in Noida and Greater Noida, 6.5 million tonnes of cement capacity across Uttar Pradesh and Madhya Pradesh, and a 24% stake in Jaiprakash Power Ventures Ltd. The conglomerate will also acquire a hospitality business comprising 867 rooms across five hotels located in Delhi, Agra, and Mussoorie, in addition to fertilizer and construction units.
The bidding process for JAL attracted five contenders, including Vedanta Ltd, Dalmia Bharat, Naveen Jindal’s Jindal Power, and PNC Infratech. Vedanta had previously bid around ₹17,000 crore in enterprise value terms, but Adani’s offer was reportedly favored due to a higher upfront payment.
Jaiprakash Associates, once the flagship of the Jaypee Group and recognized for its ventures in real estate, cement, power, and sports infrastructure, was admitted into insolvency in June 2024 after defaulting on over ₹55,000 crore in dues to banks. Lenders, led by the State Bank of India, subsequently transferred ₹12,700 crore of debt to NARCL, establishing it as the dominant creditor.
With the CoC’s approval of the resolution plan, the NCLT in Allahabad is poised to take the next steps in this significant corporate restructuring process.
**FAQ**
*What is the significance of Adani’s resolution plan for Jaiprakash Associates?*
Adani’s resolution plan is crucial as it aims to recover a portion of the substantial debts owed by Jaiprakash Associates, while also allowing Adani to expand its asset portfolio significantly in the cement and infrastructure sectors.