Adani submits ₹15,000-crore plan for Jaiprakash Associates for NCLT's approval

Core Viewpoint - Adani Enterprises Ltd has submitted a resolution plan exceeding ₹15,000 crore for the bankrupt Jaiprakash Associates Ltd, seeking approval under the Insolvency and Bankruptcy Code, with hearings expected to resume in January 2026 [1][2]. Group 1: Resolution Plan Details - The resolution plan received approximately 93% approval from financial creditors during an electronic voting process, with the National Asset Reconstruction Co Limited holding 85.43% of the voting power, which was sufficient for approval [2][3]. - The total admitted claims against Jaiprakash Associates amount to ₹5.44 lakh crore, with the plan proposing a realizable value of ₹15,343 crore, indicating a recovery rate of about 2.8% for creditors [4]. Group 2: Asset Acquisition - If approved, Adani will gain access to significant assets, including 3,985 acres of land in Noida and Greater Noida, 6.5 million tonnes of cement capacity, a 24% stake in Jaiprakash Power Ventures Ltd, and a hospitality business with 867 rooms across five hotels [5]. Group 3: Competitive Bidding Process - The bidding process for Jaiprakash Associates included five contenders, with Adani's offer winning due to a higher upfront payment compared to Vedanta's bid of around ₹17,000 crore [6]. Group 4: Background of Jaiprakash Associates - Jaiprakash Associates, once a flagship of the Jaypee Group, entered insolvency in June 2024 after defaulting on over ₹55,000 crore in dues to banks, leading to a significant transfer of debt to the National Asset Reconstruction Co Limited [7].