NCLT Approves Adani Enterprises’ Resolution Plan for Jaiprakash Associates

New Delhi, March 19, 2026:

National Company Law Tribunal (NCLT) has cleared the path for Adani Enterprises Limited (AEL) to take control of the bankrupt conglomerate Jaiprakash Associates Ltd (JAL). In an oral order pronounced on Tuesday, the tribunal approved AEL’s resolution plan, effectively ending a high-profile bidding war for the diverse assets of the former Gaur family crown jewel, which spans real estate, power, cement, and hospitality.

The acquisition sees Adani Enterprises triumph over a competitive field of bidders, including Anil Agarwal’s Vedanta—whose review plea was dismissed—as well as Jindal Power & Steel, Dalmia Bharat, and PNC Infratech. In a regulatory filing, AEL confirmed the tribunal’s decision, noting that the resolution plan dated October 14, 2025, received the green light. A detailed disclosure is expected once the written order is officially released by the court.

The scope of the approval allows for wide implementation across the Adani ecosystem. According to AEL’s regulatory filing, “NCLT (Tuesday) orally pronounced an order approving resolution plan dated Oct 14, 2025, by AEL… A detailed disclosure shall be made upon written order being made available… the resolution plan, or any part there of, may be implemented by AEL, its promoters, promoter group, and such other persons who are generally identified as being part of Adani group (including Adani Power Limited, Adani Infra (India) Ltd, APSEZ.. or through any special purpose vehicle (including one or more special purpose vehicle held by any Adani Entity) or any entity identified by AEL, in accordance with terms of resolution plan.”

A primary focus of the takeover will be the completion of JAL’s stalled real estate portfolio. The approval paves the way for the Adani Group to finish 12 incomplete residential projects located along the Yamuna Expressway. JAL’s major real estate interests include the premium Jaypee Greens in Greater Noida, sections of Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City situated near the upcoming Jewar airport.

Beyond housing, the asset acquisition includes high-profile infrastructure such as the Formula 1 track, which previously hosted two international races. The Adani Group has explicitly stated its intent to bring F1 racing back to India through this facility. The deal also encompasses three commercial and industrial office spaces in the Delhi-NCR region, alongside a hospitality division featuring five hotels across Delhi-NCR, Mussoorie, and Agra. Following the announcement, JAL shares dropped 4.8% to close at 2.4 on the BSE, while Adani Enterprises shares remained largely stable, ending the day flat at ₹1,975.

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