Lenders approve Adani group’s Rs 14,500-crore bid for Jaiprakash Associates

The acquisition of Jaiprakash Associates Ltd (JAL) by Adani Enterprises Ltd (AEL) marks a significant moment in the ongoing resolution of India’s corporate insolvency cases. Adani secured the Committee of Creditors’ (CoC) approval for its ₹14,535 crore resolution plan for the debt-laden Jaiprakash Group flagship, outbidding rivals like Vedanta and Dalmia Bharat. This approval was formalized when AEL received a Letter of Intent (LOI) on November 19, 2025, following a decisive vote where Adani garnered an impressive 89% of the creditors’ support.

JAL was pushed into the Corporate Insolvency Resolution Process (CIRP) in June 2024 after defaulting on loans that aggregated to a massive ₹57,185 crore. The process was largely dictated by the National Asset Reconstruction Company Ltd (NARCL), which holds about 86% of the CoC’s voting power. The lenders preferred Adani’s proposal primarily because it offered a significantly higher upfront payment compared to its competitors. Adani’s total plan value includes an upfront payment of ₹6,005 crore, with an additional ₹7,600 crore payable after two years, bringing the Net Present Value (NPV) of the offer to an estimated ₹12,000 crore. In contrast, Vedanta’s higher TPV of ₹16,726 crore relied on a lower initial outlay of ₹3,800 crore and more substantial deferred payments spread over five years. The acquisition is not yet finalized, as the successful resolution plan is still contingent upon securing the final stamp of approval from the National Company Law Tribunal (NCLT) in Prayagraj.

Background: A debt-ridden conglomerate

Jaiprakash Associates Limited (JAL), the flagship company of the Jaypee Group, was admitted into the Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT), Allahabad Bench, on June 3, 2024, following a default on its financial obligations.

• Massive Debt: Creditors filed claims totaling a staggering ₹57,185 crore.
• Key Claimant: The National Asset Reconstruction Company Ltd (NARCL) became the lead claimant, controlling approximately 86% of the CoC’s voting share after acquiring stressed loans from a consortium of lenders, including SBI.
• Valuable Assets: Despite its financial distress, JAL holds a diversified portfolio of high-value assets across:
  • Real Estate: Major projects like Jaypee Greens and Jaypee International Sports City near the upcoming Jewar Airport.
  • Cement: Four cement plants (though non-operational) and leased limestone mines in Madhya Pradesh and Uttar Pradesh.
  • Hospitality: Five premium hotel properties, including the Jaypee Palace in Agra and Jaypee Vasant Continental in Delhi.
  • Investments: Significant stakes in group companies like Jaiprakash Power Ventures Limited (JPVL).

Resolution Process: The CIRP attracted significant interest, with a total of 26 bidders initially submitting Expressions of Interest (EOI), including Adani, Vedanta, Dalmia Cement, and Jindal Power. The NCLT had earlier directed that the resolution plan must be for the company as a whole as a going concern, rather than splitting it into individual asset clusters.

Also See: Adani Group accelerates distressed asset acquisitions via insolvency resolution route