In a significant development in India’s insolvency landscape, Adani Enterprises has received approval from the National Company Law Tribunal (NCLT) for its resolution plan to acquire and restructure Jaiprakash Associates.
The approval, granted by the NCLT’s Allahabad bench on March 17, 2026, marks a decisive milestone in the long-running insolvency proceedings of Jaiprakash Associates, paving the way for implementation of the Adani Group’s takeover plan.
Originally submitted in October 2025 and backed by a strong majority of creditors, the resolution plan now moves into execution phase, with provisions allowing implementation through various Adani Group entities and special purpose vehicles.
A key highlight 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.
The resolution is expected to be implemented within 90 days of the approval, bringing clarity on ownership and enabling operational restructuring of the debt-laden infrastructure major.
This development is poised to reshape the future of Jaiprakash Associates and strengthen Adani Enterprises’ presence across infrastructure and related sectors, while also marking one of the most significant insolvency resolutions in India’s corporate landscape.