Adani Enterprises Ltd

🏗️ Adani’s Resolution Plan Approved: ₹14,084 Cr Realizable, Timelines Set for Homebuyers

- Adani Enterprises Ltd.'s resolution plan for Jaiprakash Associates Ltd. approved by the Committee of Creditors (CoC) with 93.81% voting share.

- Realizable amount from the resolution plan is Rs. 1,40,84,20,42,413.98, representing 73% of fair value and 89% of liquidation value.

- The resolution plan complies with all legal requirements under the Insolvency and Bankruptcy Code 2016 and related regulations.

- A performance bank guarantee of INR 5,000,000,000 (Rs. 500 crores) was provided by Adani Enterprises Ltd.

- Multiple legal challenges to the resolution plan were dismissed or disposed of by the NCLT, with no successful objections upheld.

- A monitoring committee is established to supervise the implementation of the resolution plan, consisting of nominees from the designated lender, resolution professional, and resolution applicant.

- The resolution plan includes provisions for payment of insolvency resolution costs, operational creditors, and financial creditors, with priority given as per legal requirements.

- The moratorium under section 14 of the IBC ceases from the date of the order, and the plan is binding on all stakeholders.

- Reliefs and concessions granted include exemptions for corporate social responsibility compliance for 3 years and environmental compliance extensions for up to 36 months from the effective date.

- The resolution plan aims to maximize the value of assets and ensure the corporate debtor continues as a going concern.

- The Resolution Applicant will deliver completed residential units to homebuyers within specified timelines based on project location and completion status.

- For Wishtown and Jaypee Greens projects: group housing units within 2 years, plotted developments within 15 months from Zero Date.

- For Sports City projects (excluding Bougainvillea): delivery timelines range from 1 year (75% complete) to 36 months (other projects) from Zero Date.

- Bougainvillea project in Sports City: delivery within 30 months from Zero Date, with option for earlier 'as is where is' possession.

- Homebuyers have an Exit Policy allowing refund of actual purchase price paid in six quarterly installments, minus penalties or late fees.

- No delay penalties or interest payable by Corporate Debtor/Resolution Applicant for revised delivery timelines due to construction defects or other reasons.

- Corporate Debtor may modify master plans, building layouts, or land use without homebuyer consent, deemed approved upon NCLT approval.

- A Real Estate Committee with homebuyer and Resolution Applicant representatives will monitor project progress quarterly post-Effective Date.

- All homebuyer claims for refunds, interest, or penalties prior to CIRP commencement are extinguished except through the Exit Policy.

- K8 Developers Private Limited is excluded from homebuyer benefits and will receive only minimum entitlement as an unsecured financial creditor.

- 15 PUFE applications filed under IBC sections 43-66 are pending; recoveries will pass to secured financial creditors, not Corporate Debtor.

- Resolution Plan provides reliefs including exemptions from environmental compliance for 36 months and tax/cess waivers for past non-compliances.

- Fair value of Corporate Debtor is ₹19,234 crores; Resolution Plan offers ₹15,343.40 crores realisable amount.

- Adani Enterprises Limited is the successful resolution applicant for the corporate debtor, approved by the Committee of Creditors.

- The resolution plan includes a total plan value of approximately ₹153,434 crore, with upfront payments, deferred payouts, and additional fund infusions.

- Secured financial creditors will receive 26% of their admitted claims, totaling ₹135,315 crore, with payments structured through upfront, deferred, and NCD issuances.

- Unsecured financial creditors (excluding related parties) will receive 9% of their admitted claims, amounting to ₹450.55 crore.

- Employees and workmen will receive 29% of their admitted claims, totaling ₹210.57 crore, with priority payment as per IBC provisions.

- Operational creditors, including government dues, will receive 6% of their admitted claims, amounting to ₹810.98 crore.

- CIRP costs of ₹459.20 crore will be paid in full by the resolution applicant on the effective date, prioritized over other payments.

- An additional ₹800 crore will be infused for working capital and capital expenditure within 180 days of plan approval.

- The resolution plan addresses contingent liabilities, including ₹1,067 crore for YEIDA claims, pending Supreme Court litigation.

- Homebuyers (class financial creditors) with admitted claims of ₹2,074.85 crore will receive options for delivery or exit, with implementation timelines specified.

- The resolution applicant, Adani Enterprises, was verified as eligible under Section 29A of the IBC, with no disqualifications except for a resolved issue related to Dighi Port Limited.

- The plan includes detailed implementation schedules, regulatory approvals, and provisions for monitoring by a committee to ensure compliance and revival.

- Adani Enterprises Limited's resolution plan for Jaiprakash Associates Limited (JAL) was approved by the National Company Law Tribunal (NCLT) on March 17, 2026.

- The resolution plan was approved by the Committee of Creditors (CoC) with 93.81% voting share on November 18, 2025.

- The corporate insolvency resolution process (CIRP) for JAL began on June 3, 2024, with Mr. Bhuvan Madan appointed as the Resolution Professional.

- Total admitted claims by creditors amount to ₹57,497.93 crores, with National Asset Reconstruction Company Limited (NARCL) holding the largest share at 85.4283%.

- Adani Enterprises Limited's plan scored highest in the evaluation matrix with 89.76 points, followed by Vedanta Limited (75.6) and Dalmia Cement (79.67).

- The resolution plan includes an upfront cash recovery to financial creditors and a performance bank guarantee of ₹500 crores submitted by Adani.

- Implementation may involve Adani group entities or special purpose vehicles as per the approved plan.

- The CIRP timeline was extended multiple times, with the final deadline set to January 18, 2026, and the application for plan approval filed on November 27, 2025.