NCLT paves way for control of Jaiprakash Associates by Adani

NEW DELHI: The National Company Law Tribunal has approved Adani Enterprises' resolution plan for the bankrupt Jaiprakash Associates Ltd (JAL), which has a presence in real estate in Noida and Greater Noida, including the plush Jaypee Greens, along with the F1 track, as well as power, cement and hospitality, reports Saurabh Sinha.

The company, once a Gaur family jewel, saw a high-profile contest which saw Adani vie with Anil Agarwal's Vedanta in the last round, with Jindal Power & Steel, Dalmia Bharat and PNC Infratech being the other bidders.

"NCLT (Tuesday) orally pronounced an order approving resolution plan dated Oct 14, 2025, by AEL... A detailed disclosure shall be made upon written order being made available... the resolution plan, or any part thereof, may be implemented by AEL, its promoters, promoter group, and such other persons who are generally identified as being part of Adani group (including Adani Power Limited, Adani Infra (India) Ltd, APSEZ... or through any special purpose vehicle (including one or more special purpose vehicle held by any Adani Entity) or any entity identified by AEL, in accordance with terms of resolution plan," AEL's regulatory filing stated.

In Feb, Vedanta had asked NCLT to review its decision to approve AEL's Rs 15,000-crore resolution plan for JAL. This plea has been dismissed now.

The NCLT approval paves the way for Adani to complete JAL’s incomplete projects. Vedanta can challenge the order in the National Company Law Appellate Tribunal.

The flagship company of Jaypee Group, JAL owes lenders about Rs 55,000 crore. It entered insolvency proceedings in June 2024, years after RBI and govt identified it as a problem child for the banking sector.

JAL has 12 stalled residential projects along the Yamuna Expressway. About two decades back, YEIDA had allotted about 1,000 hectares of land to Jaypee International Sports (a subsidiary of Jaypee Associates) to build a sports city, which includes the Formula 1 track where two races were hosted in India. The Adani group has stated its intent to get the race back to India.

JAL’s major real estate projects are Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport.

It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. The stalled residential projects include names like Country Homes 1 & 2, Krowns, Greencrest Homes, Bougainvilleas, Villa Expanza, Sportsville, Kassia, Kove, and Buddh Circuit Studios. While about 21,000 units have been delivered in them, thousands remain incomplete and undelivered with the maximum reported to be buyers of Sports City.

After the order, Jaiprakash Associates shares fell 4.75 to close at Rs 2.41 on BSE, while Adani Enterprises ended the session flat at Rs 1,975. Vedanta shares closed 2% higher at Rs 699.

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