Kamal Ghorui
The National Company Law Tribunal (NCLT) on Tuesday approved Adani Enterprises Ltd’s Rs 14,535 crore bid to acquire Jaiprakash Associates Ltd through the insolvency process. In a regulatory filing, Jaiprakash Associates Ltd (JAL) informed that the NCLT, Allahabad bench, has “orally pronounced an order on March 17, 2026 “approving the resolution plan submitted by Adani Enterprises Ltd. In November last year, a Committee of Creditors (CoC) approved the resolution plan by business tycoon Gautam Adani to acquire JAL. Adani Enterprises won the approval of creditors of JAL for its Rs 14,535 crore acquisition proposal for the bankrupt infrastructure group. It outbid Vedanta and Dalmia Bharat to win the bid for JAL. The COC of JAL, a company undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016 (IBC), has approved the resolution plan submitted by Adani Enterprises Limited (AEL),” AEL had said in a stock exchange filing. Adani got the maximum 89 per cent votes from creditors, followed by Dalmia Cement (Bharat) and Vedanta Group, it added. The JAL, which has high-quality assets and business interests spanning real estate, cement manufacturing, hospitality, power and engineering & construction, was admitted to the CIRP in June last year after it defaulted on payments of loans aggregating Rs 57,185 crore. JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, located near the upcoming Jewar International Airport. It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other companies.
