Billionaire Gautam Adani–promoted Adani Enterprises Ltd on Monday submitted its resolution plan of over ₹15,000 crore for bankrupt Jaiprakash Associates Ltd (JAL) before the Allahabad Bench of the National Company Law Tribunal (NCLT), seeking final approval under the Insolvency and Bankruptcy Code (IBC).
The plan was placed before the bench by resolution professional Bhuvan Madan, following its approval by the Committee of Creditors (CoC) in November. The tribunal took the plan on record and is expected to resume hearings in January 2026 for further adjudication and directions on implementation.
The proposal had got about 93% votes in favour from financial creditors during an electronic voting process that concluded on 18 November.
Since National Asset Reconstruction Co Limited (NARCL) holds 85.43% of the voting power, its support alone was enough to approve the plan, which needed at least 66% under the Insolvency and Bankruptcy Code. Asset Care and Reconstruction Enterprise (ACRE), representing Yes Bank’s share of the debt with 1.64% voting power, voted against the plan, while some other lenders did not vote.
