FCC

Adani Gains Creditor Approval for Rs 135 Bn Jaiprakash Associates Plan

2025-11-24

Creditors of Jaiprakash Associates Ltd have given their approval to Adani Enterprises Ltd’s resolution plan valued at around Rs 135 billio . The proposal was endorsed even though a competing bidder had placed a higher offer, as lenders preferred the structure and timelines offered by Adani. According to people familiar with the development, the committee of creditors opted for Adani’s plan because it ensured a larger upfront payment and a significantly shorter payout period of roughly one-and-a-half to two years. In contrast, the alternate bid proposed a five-year payment window.

Jaiprakash Associates, once a prominent player in the infrastructure sector, is undergoing insolvency proceedings after defaulting on close to Rs 550 billion owed to its lenders. The company’s debt had been transferred in large part to the National Asset Reconstruction Company Ltd, which, along with a consortium led by the State Bank of India, is overseeing the restructuring process.

With the creditors’ approval in place, the resolution plan is expected to be submitted to the National Company Law Tribunal for final clearance. The tribunal’s approval will mark a significant step towards completing the takeover and concluding one of the larger insolvency cases currently under the country’s bankruptcy framework.

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