Shares of Adani Enterprises and Jaiprakash Power saw strong buying momentum on Wednesday after the National Company Law Tribunal (NCLT) approved the ₹14,535-crore resolution plan submitted by the Gautam Adani-led group to acquire debt-laden Jaiprakash Associates Ltd (JAL).

The development follows the issuance of a letter of intent in November 2025, which had identified Adani Enterprises as the successful resolution applicant.

In an exchange filing, Jaiprakash Associates said the Allahabad bench of the NCLT had orally approved the resolution plan on March 17, after it had earlier received the backing of the committee of creditors (CoC).

Cheering the news, shares of Adani Enterprises rose as much as 2.6% intraday to ₹2,026.75 on the BSE, taking its market capitalisation to ₹2.31 lakh crore.

Similarly, Jaiprakash Power shares also surged nearly 12% to an intraday high of ₹15.64, with its market cap climbing to ₹10,356 crore.

On the other hand, shares of Jaiprakash Associates were down 4.74% at ₹2.41 on the BSE.

Adani outbids Vedanta, Dalmia

Adani Enterprises had emerged as the highest bidder for JAL, surpassing rival offers from Vedanta Group and Dalmia Bharat. The resolution plan reportedly secured around 89% of creditors’ votes.

Jaiprakash Associates was admitted into the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC) in June last year after defaulting on loans worth ₹57,185 crore.

As part of the approved resolution plan, JAL said its securities will be delisted from stock exchanges in accordance with applicable regulations. The entire pre-CIRP share capital - including equity, preference shares, and any outstanding convertible instruments - will be cancelled and extinguished without any payout to existing shareholders.

Adani Enterprises, in a separate filing, said the resolution plan may be implemented either directly or through its promoters and group entities, including Adani Power, Adani Infra (India), Adani Ports and Special Economic Zone, Karnavati Aviation, and Mandhata Build Estate. The execution may also be carried out via one or more special purpose vehicles (SPVs), in line with the approved plan.

JAL’s asset base

Jaiprakash Associates has a diversified portfolio spanning real estate, cement, hospitality, power, and engineering & construction. Its key real estate assets include Jaypee Greens in Greater Noida, Wishtown in Noida, and the Jaypee International Sports City near the upcoming Jewar airport.

The company also owns commercial office spaces across Delhi-NCR and operates five hotel properties in Delhi-NCR, Mussoorie, and Agra. In the cement segment, it has four plants in Uttar Pradesh and Madhya Pradesh, along with leased limestone mines.

Additionally, JAL holds stakes in several subsidiaries, including Jaiprakash Power Ventures, Yamuna Expressway Tolling Ltd, and Jaypee Infrastructure Development Ltd.

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