Adani Enterprises Emerges as Top Bidder for Jaiprakash Associates: Shares Surge
Jaiprakash Power Ventures' shares soared over 12% after Adani Enterprises won the creditors' approval for a ₹14,535 crore acquisition of the bankrupt infrastructure group, Jaiprakash Associates. The approval marks a significant milestone in the resolution process.
Adani EnterprisesJaiprakash AssociatesCorporate Insolvency Resolution ProcessNational Stock ExchangeBankruptcyReal EstateNov 20, 2025
Jaiprakash Power Ventures used to be one of the subsidiaries of now-defunct Jaiprakash Associates. Meanwhile, Adani Enterprises shares rose as much as 1.88% to hit an intraday high of ₹2,478.90.
Adani Enterprises, the flagship firm of Adani Group, outbid Vedanta and Dalmia Bharat to win the bid for JP Associates. The Committee of Creditors (COC) of Jaiprakash Associates Limited (JAL), a company undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016 (IBC), has approved the Resolution Plan submitted by Adani Enterprises Limited (AEL), as stated in a stock exchange filing.
Adani received the maximum 89% votes from creditors, followed by Dalmia Cement (Bharat) and Vedanta Group. Without disclosing financial details of the bid, Adani Enterprises said it has received a Letter of Intent (LOI) from the Resolution Professional (RP) on November 19, 2025.
The National Asset Reconstruction Company Ltd (NARCL) had the biggest say in the process as it controls about 86% of the Committee of Creditors' (CoC) voting share. A small group of lenders, including State Bank of India and ICICI Bank, which together account for less than 3% of CoC's votes, abstained from voting.
Sources said lenders preferred Adani's plan primarily because it offered a significantly higher upfront payment compared to competing proposals. The ports-to-energy conglomerate has proposed a total plan value (TPV) of ₹14,535 crore, including ₹6,005 crore upfront and another ₹7,600 crore payable after two years. In net present value terms, the offer is estimated at ₹12,000 crore.
Vedanta offered ₹3,800 crore upfront payment and ₹12,400 crore in deferred payments over five years, taking the TPV of ₹16,726 crore, according to Press Trust of India reports. The implementation of the resolution plan is subject to the terms of the LOI and requisite approvals from the National Company Law Tribunal, Allahabad Bench, Prayagraj, and/or any other regulatory authority/courts/tribunal under applicable laws, Adani Enterprises said.
When contacted, a Vedanta spokesperson said, 'CoC voting is happening this week, and we trust that the CoC will make the best decision in the public interest. Vedanta is a growth-oriented company, always looking for opportunities and synergy. Our approach remains disciplined, focused on value creation and long-term growth'.
Jaiprakash Associates, which has high-quality assets and business interests spanning real estate, cement manufacturing, hospitality, power, and engineering & construction, was admitted to the Corporate Insolvency Resolution Process (CIRP) in June last year after it defaulted on payments of loans aggregating ₹57,185 crore.
JP Associates announced in June that it had received five bids, along with earnest money, with Vedanta, Adani Enterprises, Dalmia Cement, Jindal Power, and PNC Infratech making the bids. In September, the CoC conducted an auction under the Swiss challenge process.
The company has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), 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 company has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh.
It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other companies. In April this year, 25 companies showed interest in acquiring JAL. However, in June, JAL announced that it had received bids from these five companies, along with earnest money, for the acquisition of the company through an insolvency process.
The financial stress and insolvency impacted JAL's businesses, including cement manufacturing units and EPC projects of national importance, such as the Pakal Dul Dam project in Jammu & Kashmir and the Srisailam Canal project in Andhra Pradesh.
Frequently Asked Questions
What is the Corporate Insolvency Resolution Process (CIRP)?
The Corporate Insolvency Resolution Process (CIRP) is a legal framework under the Insolvency and Bankruptcy Code 2016 (IBC) designed to revive financially distressed companies or resolve their insolvency. It involves the appointment of a Resolution Professional to manage the company and a Committee of Creditors to approve a resolution plan or liquidate the company.
Why did Adani Enterprises win the bid for Jaiprakash Associates?
Adani Enterprises won the bid for Jaiprakash Associates primarily because it offered a significantly higher upfront payment compared to competing proposals. The company proposed a total plan value (TPV) of ₹14,535 crore, including ₹6,005 crore upfront and another ₹7,600 crore payable after two years.
What are the major assets of Jaiprakash Associates?
Jaiprakash Associates has high-quality assets and business interests spanning real estate, cement manufacturing, hospitality, power, and engineering & construction. Notable projects include Jaypee Greens in Greater Noida, Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City near the upcoming Jewar International Airport.
What is the role of the Committee of Creditors (COC) in the CIRP process?
The Committee of Creditors (COC) is a key body in the CIRP process. It consists of financial creditors of the company and is responsible for approving or rejecting the resolution plan submitted by bidders. The COC has the final say in the decision-making process, ensuring the best interest of the creditors is protected.
What are the next steps after the approval of the resolution plan by the COC?
After the approval of the resolution plan by the COC, the implementation of the plan is subject to the terms of the Letter of Intent (LOI) and requisite approvals from the National Company Law Tribunal (NCLT), Allahabad Bench, Prayagraj, and/or any other regulatory authority/courts/tribunal under applicable laws.
Tags:
Related News Articles
Why Pattaya is Attracting Indian Real Estate Investors
Pattaya, a popular coastal city in Thailand, is witnessing a significant rise in property investments from Indian buyers due to its affordable real estate and strategic location.
GCCs to Dominate India's Commercial Real Estate in 2024
Global Capability Centres (GCCs) are expected to occupy 35% of India's commercial real estate by 2024, surpassing IT companies
Zepto and The House of Abhinandan Lodha: Reimagine Land Investments in 10 Minutes
Indian delivery giant Zepto has partnered with The House of Abhinandan Lodha to offer a revolutionary service: plots of land delivered in just 10 minutes. This innovative collaboration redefines the traditional process of land investment, which often involves months of legal documentation and bureaucratic procedures.