Adani Group Pays 1st Tranche of ₹6,000 Crore to Jaiprakash Associates Lenders Under ₹14,535 Crore Resolution Plan

Adani Group on Thursday paid around ₹6,000 crore to lenders of Jaiprakash Associates Ltd (JAL) under the company’s approved insolvency resolution plan, as per news reports.  

The payment was the first tranche of Adani Enterprises’ ₹14,535 crore bid for the debt-laden infrastructure firm. 

The amount was paid through internal accruals after the resolution plan received final legal clearance. The National Company Law Appellate Tribunal (NCLAT) had dismissed Vedanta Group’s plea challenging the approval of Adani’s bid earlier this month. 

Resolution Timeline 

Jaiprakash Associates was admitted into the Corporate Insolvency Resolution Process (CIRP) in June 2024. The Allahabad bench of the National Company Law Tribunal approved Adani Enterprises’ resolution plan on March 17, 2026. 

Under the approved structure, the 1st ₹6,000 crore payment was required to be made within 90 days from the approval date towards repayment of secured financial creditors. 

The insolvency proceedings involving Jaiprakash Associates have continued for several years as lenders sought recovery from one of the country’s heavily indebted infrastructure groups. 

Payment Structure 

Apart from the initial tranche, Adani Enterprises will pay another ₹6,026 crore at the end of 2 years from the date of approval.  

The plan also includes issuance of ₹1,500 crore worth of non-convertible debentures (NCDs) to secured lenders. 

The NCDs carry a put option, allowing lenders to seek redemption at face value between 12 and 21 months from approval. Adani also has a call option to redeem the securities between 21 and 24 months. 

The debentures are backed by guarantees from listed Adani Group companies. 

Lenders and Recoveries 

National Asset Reconstruction Co Ltd (NARCL) holds 85.43% of the admitted claims of Jaiprakash Associates.  

Other lenders include State Bank of India, Axis Bank, Asset Reconstruction Company (India) Ltd, Asset Care & Reconstruction Enterprise Ltd, and The Bank of New York Mellon. 

Financial creditors are expected to recover nearly ₹13,500 crore under the plan. The remaining amount from the total bid value will be used towards insolvency process expenses, operational creditors, and statutory dues. 

Read More: SEBI Bars Hemant Gupta, 6 Others in Alleged Social Media-Linked Stock Manipulation Case! 

Conclusion 

With the initial ₹6,000 crore payment completed, lenders have begun receiving recoveries under Adani Enterprises’ approved resolution plan for Jaiprakash Associates. 

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