Overview
- Adani Enterprises said the NCLT’s Allahabad bench orally approved its resolution plan on March 17 under the IBC, with full details to follow once the written order is issued.
- The bid is valued at ₹14,535 crore, with Adani’s plan submitted on October 14, 2025 and a Letter of Intent issued on November 19, 2025 identifying it as the successful applicant.
- Adani noted the plan may be executed by AEL, its promoter group or special-purpose vehicles, including entities such as Adani Power, Adani Infra (India), Adani Ports, Karnavati Aviation and Mandhata Build Estate.
- The Committee of Creditors approved the plan in November 2025 with about 89% support, with National Asset Reconstruction Company Ltd holding the decisive voting share and some lenders such as SBI and ICICI abstaining.
- Jaiprakash Associates entered insolvency in June 2024 after defaults of about ₹57,185 crore, and the approved plan provides no recovery for existing equity shareholders according to company disclosures.