Noida / New Delhi, March 2026 – The National Company Law Tribunal (NCLT), Allahabad Bench, orally pronounced its order on March 17, 2026 approving the resolution plan submitted by Adani Enterprises Limited for the acquisition of Jaiprakash Associates Limited, bringing closure to one of India’s most closely watched corporate insolvency cases under the Insolvency and Bankruptcy Code, 2016. Adani Enterprises had submitted its resolution plan on October 14, 2025, and secured creditor approval in November 2025, outbidding competing offers from Vedanta and Dalmia Bharat. The plan received 89% of creditor votes, with National Asset Reconstruction Company Limited, which holds approximately 86% of the Committee of Creditors’ voting share, playing a decisive role in the outcome. The resolution is expected to be implemented within 90 days of the approval, with execution to proceed through various Adani Group entities and special purpose vehicles.
A Legacy of Debt and a Strategically Valuable Asset Base
Jaiprakash Associates was admitted into insolvency proceedings in June 2024 after defaulting on loans aggregating to approximately ₹57,185 crore. Incorporated in 1995, the company built a wide footprint spanning engineering and construction, cement manufacturing, power, fertilisers, real estate development, infrastructure, and hospitality.
Despite the financial collapse, the underlying asset quality remained intact – a key reason multiple large conglomerates competed for control. Instead of assets being sold in parts, the company will continue as a going concern under new ownership, improving the chances of better value recovery and ensuring continuity across its businesses. A key feature of the approved plan is the delisting of Jaiprakash Associates’ shares, with shareholders expected to receive no consideration, reflecting the company’s stressed financial position and insufficient recovery value.
What Adani Acquires: Real Estate, Cement, Hospitality, and Infrastructure
For India’s real estate and infrastructure landscape, the most consequential assets in the Adani acquisition are concentrated in the NCR. JAL’s portfolio includes Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City located near the upcoming Jewar International Airport. It also owns three commercial and industrial office spaces in Delhi-NCR, while its hotel division comprises five properties across Delhi-NCR, Mussoorie, and Agra.
Beyond real estate, the acquisition hands Adani Enterprises four cement plants in Madhya Pradesh and Uttar Pradesh, leased limestone mines in MP, and investments in subsidiaries including Jaiprakash Power Ventures, Yamuna Expressway Tolling, and Jaypee Infrastructure Development Limited expanding the group’s footprint across power, tolling, and expressway infrastructure simultaneously.
