Intelligence note
◆ Flagged as the dominant case of the quarter — 78.18% of resolved claims.
Case details
CIN
L14106UP1995PLC019017
Incorporated
1995
Registered State
Uttar Pradesh
NCLT Bench
Allahabad
Initiated by
FC — ICICI Bank Limited
Defunct / BIFR
data unavailable
Commencement
03 Jun 2024
Outcome Date
17 Mar 2026
Admitted Claims
₹60,636.82 Cr
Liquidation Value
₹15,799.00 Cr
Fair Value
₹19,234.00 Cr
Realisable Amount
₹14,084.20 Cr
Recovery vs Claims
23.23%
Recovery vs LV
89.2%
NCLT Allahabad: median 642 days admission → verdict · 43% of concluded matters ended in plan approval (n=98, full record) · all benches →
Recent movement
17 Mar 2026
Resolution plan approved
Acquired by Adani Enterprises Ltd
Haircut 76.77%
Haircut 76.77%
Valuations & recovery
Fair value
₹19,234.00 Cr
Liquidation value
₹15,799.00 Cr
Recovery vs fair value
73.23%
Recovery vs liquidation value
89.2%
The plan
Successful applicant
Adani Enterprises Ltd
CoC approval
93.81% voting share · 20th meeting · 18 Nov 2025
How the plan pays
·Total Plan Value Rs 153,43,40,42,413.98
·Financial Creditors (Secured+Unsecured) amount provided in Plan Rs 1,39,82,04,92,984.26 against total admitted Financial Creditor claims of Rs 5,74,97,92,71,454.36
·Additional Fund Infusion (Capex/Working Capital) upto INR 800,00,00,000 within 180 days of Plan Approval Date, by way of equity, equity-linked instruments, quasi equity and/or shareholder debt at RA's sole discretion
·Payment to Assenting Secured Financial Creditors: Upfront Payout INR 6,005 crore within 90 days, Deferred Payout INR 6,026.50 crore at end of 2 years, NCDs Issuance INR 1,500 crore with put option 18-21 months and call option 21-24 months
·Total Realisable amount under the plan Rs 1,40,84,20,42,413.98 = 73% of Fair Value (Rs 1,92,34,24,40,139.00) and 89% of Liquidation Value (Rs 1,57,99,52,53,362.35)
Curated verbatim from the NCLT plan-approval order - the authoritative per-case record. Contingent components pay only if their conditions occur.
EoI / Form-G detail
Plan submission by
26 Mar 2025
⚠ IBBI rp-process tab, scraped 28/30-Aug-2026. Remarks: 1.The Number of Workmen/ employees are as on 31st March 2024 as per the Annual Report. 2. Given the size of the operations and various business segments, there is no perse product and capacity details available.
Form-G rounds — plans invited 2 times since Feb 2025
Each row is one complete invitation round from IBBI's register. Repeated rounds are the process telling you how the market answered.
Case timeline
01 Jul 2019
NCLAT appeal
CA AT INSOLVENCY NO 630 2019
03 Jun 2024
CIRP commenced
Insolvency proceedings began · NCLT Allahabad
10 Jun 2024
Others - company appeal (at) (insolvency) no.1158 & 1162 of 2024
NCLAT appeal read the order ↗
06 Nov 2024
NCLAT appeal
IA Nos. 4145, 4159, 4941, 5550 & 5554 of 2024 in CA (AT) (Ins) No. 1158 & 1162 o read the order ↗
09 Feb 2025
Expressions of interest invited
RP: Mr. Bhuvan Madan
11 Mar 2025
Expressions of interest invited
RP: Mr. Bhuvan Madan
17 Mar 2026
Resolution plan approved
Acquired by Adani Enterprises Ltd
Haircut 76.77%
Haircut 76.77%
1 year 9 months elapsed · admission → resolution
Company
Legal name
JAIPRAKASH ASSOCIATES LIMITED
Type
Public · Company limited by shares
Listing
Listed
Incorporated
15 Nov 1995
Authorised capital
₹7,000 Cr
Paid-up capital
₹491.92 Cr
Industry (MCA)
Mining and Quarrying
ROC
ROC Kanpur
Company status
Active — company survived resolution
Registered address
SECTOR 128, NOIDA,UP,Uttar Pradesh,201304-India
Source: MCA Company / LLP Master Data — registry snapshot; figures are as on the stated date, not live.
Claims filing history
Creditor classes with claims on file (latest version) — a chip with ↓ opens the filed creditor list, with per-creditor claimed and admitted amounts
Employees ↓
Government dues ↓
Workmen ↓
Other stakeholders ↓
Secured FC — class of creditors
Secured financial creditors ↓
v20 · latest
as on 14 Jan 2026 · filed by Mr. Bhuvan Madan
v19
as on 05 Nov 2025 · filed by Mr. Bhuvan Madan
v18
as on 04 Nov 2025 · filed by Mr. Bhuvan Madan
v17
as on 12 Oct 2025 · filed by Mr. Bhuvan Madan
v16
as on 12 Oct 2025 · filed by Mr. Bhuvan Madan
Show all 20 versions
v15
as on 25 Sep 2025 · filed by Mr. Bhuvan Madan
v14
as on 15 Aug 2025 · filed by Mr. Bhuvan Madan
v13
as on 10 Jun 2025 · filed by Mr. Bhuvan Madan
v12
as on 24 Apr 2025 · filed by Mr. Bhuvan Madan
v11
as on 15 Apr 2025 · filed by Mr. Bhuvan Madan
v10
as on 11 Mar 2025 · filed by Mr. Bhuvan Madan
v9
as on 20 Feb 2025 · filed by Mr. Bhuvan Madan
v8
as on 10 Jan 2025 · filed by Mr. Bhuvan Madan
v7
as on 10 Dec 2024 · filed by Mr. Bhuvan Madan
v6
as on 10 Nov 2024 · filed by Mr. Bhuvan Madan
v5
as on 17 Oct 2024 · filed by Mr. Bhuvan Madan
v4
as on 18 Sep 2024 · filed by Mr. Bhuvan Madan
v3
as on 26 Jul 2024 · filed by Mr. Bhuvan Madan
v2
as on 22 Jun 2024 · filed by Mr. Bhuvan Madan
v1
as on 21 Jun 2024 · filed by Mr. Bhuvan Madan
IBBI claims register, filed by the professional under the CIRP/liquidation regulations · a re-filed version means claims were re-verified — cadence is activity, amounts live in the per-class filings.
Committee of creditors
CoC composition not yet recorded for this case. Sourced from NCLT filings — added over time.
About this data: Case data is assembled from NCLT/NCLAT orders, IBBI public announcements, quarterly outcome records and the MCA registry. See how every number is sourced, checked and corrected →.
Report an error →
This case vs Mining
Haircut76.8%
typical for this sector 79.3% · median of 15
Recovery vs liquidation value89.2%
typical for this sector 103.0% · median of 15
53% of resolutions in this sector recovered more than their liquidation value.
Time to resolution652 days
typical for this sector 623 days · median of 15
Size rank in sector#1 of 15
Medians across every recorded Mining resolution in stressed.in's IBBI universe — the median, not the average, because these distributions are skewed and the average of the recovery ratio is not a meaningful number. The Code sets a 330-day outer limit; 72% of concluded cases exceed it (n=4,549). How these are computed →
Key parties
Resolution Professional
10 IBBI mandates · 94.7% of liquidation value realised across concluded work
IRP at commencement
Bhuvan Madan → · Jun 2024
CIRP initiated by
ICICI Bank Limited FC
Resolution applicant
Adani Enterprises Ltd
Adani Enterprises Ltd. - flagship entity of the Adani Group and one of the largest diversified conglomerates in India, listed since 1994, contributing to nation-building through development of key infrastructure assets.
Get full access
Weekly intelligence digest, RP tracker, live case movement and sector analysis for ARCs, PE funds and resolution professionals.
Apply for access →That was the whole dossier
Nothing was held back on this page — this company is showcased, so it opens in full for everyone. Every other company on stressed.in carries the same depth: the admitted claims, the recovery against liquidation value, the committee, the orders and the benchmarks it sits inside.
Subscribers open all of them. If you only need one, any single company is ₹1,999 — bought outright, yours permanently, including future updates — and the whole ₹1,999 comes off your first month if you subscribe within 30 days. So starting with one case costs nothing against subscribing later.