Details of Adani Group’s Rs 15,000-cr resolution plan for Jaiprakash Associates

In a landmark development for India’s infrastructure sector, the National Company Law Tribunal (NCLT) Allahabad Bench has approved a comprehensive resolution plan for Jaiprakash Associates Limited (JAL). The winning bid, submitted by Adani Enterprises Limited (AEL), marks the conclusion of a high-stakes insolvency process and provides a roadmap for the revival of the diversified conglomerate.

Key Financial Highlights of the Plan

The total resolution value is pegged at ₹15,343.40 crores. While the total admitted claims against JAL stood at over ₹60,585 crores, the plan offers a recovery of approximately 23% for stakeholders overall.

• Secured Financial Creditors: Proposed to receive ₹13,531.50 crores, representing a 26% recovery on their admitted claims.
• Unsecured Financial Creditors: Slated for a recovery of 9%, totaling roughly ₹450.55 crores.
• Operational Creditors: Admitted claims for government dues and other operational costs will see a recovery of 29% and 6% respectively.
• Fresh Capital Infusion: Adani has committed to infusing up to ₹800 crores within 180 days of the plan approval to address working capital and capital expenditure needs.

Hope for thousands of homebuyers

One of the most critical aspects of the “approved resolution plan” is the treatment of nearly Rs 2,074.85 crores in admitted claims from homebuyers. The plan offers a dual-choice mechanism for allottees in major projects like Wishtown, Jaypee Greens, and Sports City:

1. Delivery Option: Homebuyers can opt for the completion and delivery of their units. Group housing projects are targeted for completion within 2 years of the “Zero Date,” while plotted developments are slated for 15 months.
2. Exit Option: Those choosing to withdraw will receive a refund of their actual purchase price paid, distributed in six equal quarterly instalments.

For the controversial Sports City project, delivery and rights are contingent upon the Supreme Court vesting the land back with the Corporate Debtor.

Strategic reorganization & delisting

Under the new ownership, the existing share capital of JAL will undergo a 100% Capital Reduction.

• Shareholder Exit: Current equity shares will be cancelled and extinguished for zero consideration, and the company will be delisted from the BSE and NSE.
• New Ownership: Adani Enterprises (or its implementing entities) will subscribe to new equity shares, becoming the sole owner with 100% control.

Regulatory path and Clean Slate

The NCLT has granted several reliefs to ensure the SRA starts with a “clean slate”. This includes a 36-month window to comply with environmental norms and a one-year period to regularize other statutory obligations.

Regarding the ongoing litigation with the Yamuna Expressway Industrial Development Authority (YEIDA), the plan provides for a payout of ₹1,067 crores, subject to the final outcome of proceedings in the Supreme Court.

Implementation Timeline

The implementation began on the Plan Approval Date (March 17, 2026). The Effective Date, marking the final transfer of control, must occur no later than 90 days from the approval. A Monitoring Committee has been formed to oversee the transition from the Resolution Professional to the Adani Group.

Also See: NCLT approves JSW Infra’s Rs 467 cr resolution plan for NCR Rail Infrastructure