Adani Enterprises Secures NCLT Approval for Resolution Plan

The National Company Law Tribunal has approved Adani Enterprises Limited’s resolution plan for Jaiprakash Associates Limited, marking a key development in one of India’s largest insolvency cases. The approval was given through an oral order on March 17, 2026, bringing an end to the company’s long-running insolvency process. A detailed written order is expected to follow.

Jaiprakash Associates had entered insolvency due to a debt burden of over Rs 50,000 crore. The company, which had presence across cement, power, Real Estate and Construction, faced financial stress over the years. Adani Enterprises was selected as the successful bidder in November 2025, mainly due to its higher upfront cash offer and faster repayment plan, which received strong support from lenders.

With the approval in place, Adani Enterprises will now move ahead with implementing the resolution plan. This includes taking control of operations and restructuring the company’s liabilities under the Insolvency and Bankruptcy Code. The execution may be done directly or through group entities and special purpose vehicles, which is common in large restructuring cases.

The development is significant for multiple stakeholders. Lenders are expected to recover a part of their dues, while Adani Enterprises gains access to a range of infrastructure assets, supporting its growth plans. At a broader level, the approval also reflects progress in resolving large corporate insolvency cases and strengthens confidence in India’s bankruptcy framework.

About the company

Adani Enterprises Ltd operates across a wide range of sectors, including mining, integrated resources management (IRM), and infrastructure such as airports, roads, rail and metro projects, water management, data centres, Solar manufacturing, as well as agro and Defence businesses.

The company has a market capitalization of Rs 2,28,262 crore, reflecting its strong market presence. Adani Enterprises Ltd has reported a ROCE of 9.45 per cent  and ROE of 9.82 per cent, indicating moderate efficiency in generating returns. Notably, it has delivered strong profit growth, with a CAGR of 35.6 per cent  over the last five years, highlighting consistent financial performance.