NCLT clears Adani Enterprises’ resolution plan for Jaiprakash Associates

Adani Enterprises has secured NCLT approval for its resolution plan for Jaiprakash Associates, with the plan envisaging no recovery for equity shareholders due to inadequate liquidation value.

By Sheersh Kapoor

Adani Enterprises Ltd. on Tuesday said the National Company Law Tribunal (NCLT) has approved its resolution plan for Jaiprakash Associates Ltd., marking a key step in the insolvency process of the debt-laden 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.

Adani Enterprises had earlier been identified as the successful resolution applicant, after its proposal received approval from the Committee of Creditors in November 2025 .

The company said 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.

Separately, Jaiprakash Associates said the plan envisages no recovery for equity shareholders, noting that the liquidation value is insufficient to fully 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 ₹57,185 crore, with National Asset Reconstruction Company Ltd. among its key lenders. The company was admitted to insolvency proceedings in June 2024.

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Shares of Adani Enterprises ended marginally lower at ₹1,975 on the NSE following the development.