Adani Enterprises Share Price Surges; Secures NCLT Nod for Jaiprakash Associates Resolution

The National Company Law Tribunal (NCLT), Allahabad, has approved Adani Enterprises Ltd’s resolution plan for Jaiprakash Associates Ltd (JAL), according to an oral order pronounced on March 17, 2026. A detailed written order is awaited. 

Post-Approval Implementation Process 

Following approval, the plan becomes binding on all stakeholders. Control of the company will shift to Adani Enterprises, and payments to creditors are expected to begin as per the timeline set by the monitoring committee.  

As per the news reports, the plan may be executed directly or through group entities or special purpose vehicles. 

Creditor Approval and Recovery 

Adani Enterprises had been selected as the successful resolution applicant after its proposal received about 93% votes from financial creditors in November 2025, exceeding the required threshold. 

The plan offers a realisable value of ₹15,343 crore against total admitted claims of approximately ₹5.44 trillion.  

This implies a recovery of around 2.8% for creditors. The structure includes an upfront payment of about ₹6,000 crore, with the remaining amount to be paid over 2 years. 

Shareholder Treatment and Challenges 

Jaiprakash Associates stated that equity shareholders will not receive any recovery under the plan. The company said the liquidation value is insufficient to meet secured creditor claims in full, resulting in a nil exit value under the delisting process. 

The approval follows objections from Vedanta Ltd, whose competing bid was rejected by lenders. The company has alleged irregularities in the process.  

Any appeal may be filed before the appellate tribunal, though implementation can proceed unless a stay is granted. 

Assets and Insolvency Background 

The resolution provides access to key assets, including nearly 3,985 acres of land in Noida and Greater Noida, cement capacity of 6.5 million tonnes, and a 24% stake in Jaiprakash Power Ventures Ltd. The portfolio also includes real estate developments and hotel properties. 

Jaiprakash Associates, part of the Jaypee Group, was admitted to insolvency proceedings in June 2024 after defaulting on loans exceeding ₹55,000 crore. Its financial position had been affected by high debt levels and delays in project execution. 

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Adani Enterprises Share Price Performance  

As of March 18, 2026, 10:19 am, Adani Enterprises Ltd share price stood at ₹2,009.80, a 1.74% increase from the previous closing price. 

Conclusion 

The tribunal’s approval moves the insolvency process towards closure, though further legal proceedings could affect the pace of implementation. 

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