Intelligence note
Admitted 3 Jun 2024 by the Allahabad bench on a petition by ICICI Bank Limited (a financial creditor). Default dated 30 Apr 2016 per the admission order (8.1 years before admission). Plan from Adani Enterprises Ltd approved 17 Mar 2026, 652 days after admission (resolved-case median: 630 days). Creditors realise 23.23% of ₹60,636.82 Cr admitted; haircut 76.8% (median 78.0% across resolutions). That is 89.2% of liquidation value (₹15,799.00 Cr), below the break-up value.
On 04 May 2026 the NCLAT dismissed Vedanta's appeals and upheld the plan approval; on 14 Jul 2026 it dismissed the appeals of Jaypee Greens house owners. An Allahabad High Court judgment of 10 Mar 2025 on the YEIDA Sports City land stands; the NCLT recorded on 11 Aug 2026 that the Supreme Court has not stayed it.
On 04 May 2026 the NCLAT dismissed Vedanta's appeals and upheld the plan approval; on 14 Jul 2026 it dismissed the appeals of Jaypee Greens house owners. An Allahabad High Court judgment of 10 Mar 2025 on the YEIDA Sports City land stands; the NCLT recorded on 11 Aug 2026 that the Supreme Court has not stayed it.
Case details
CIN
L14106UP1995PLC019017
Incorporated
1995
Registered State
Uttar Pradesh
NCLT Bench
Allahabad
Petition
CP (IB) No. 330/ALD/2018
Initiated by
FC — ICICI Bank Limited
Date of Default (per admission order)
30 Apr 2016
Commencement
3 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 631 days admission → verdict · 44% of concluded matters ended in plan approval (n=101, full record) · all benches →
Plan at a glance
The deal
₹15,343.40 crores total plan value, ₹14,084.20 crores of it to creditors; INR 6,005 crore upfront within 90 days
Winning plan
Adani Enterprises Limited, with 93.81% of the CoC vote
Also in the race: Vedanta Limited (rejected by the CoC), Dalmia Cement (Bharat) Limited (plan submitted), Jindal Power Limited (plan submitted) and 3 more
Also in the race: Vedanta Limited (rejected by the CoC), Dalmia Cement (Bharat) Limited (plan submitted), Jindal Power Limited (plan submitted) and 3 more
Funding
The applicant pays unpaid CIRP costs, YEIDA payouts of ₹1,067.00 Cr and Exit Policy refunds from its own sources, without deduction from others' shares, and infuses up to ₹800.00 Cr within 180 days.
Payout period
Upfront payout is due within 90 days and deferred payout at the end of 2 years from resolution plan approval.
Who gets what (₹ crore)
| Admitted | Provided in the plan | % of admitted | |
|---|---|---|---|
| Financial creditors | 57,497.93 | 13,982.05 | 24.3% |
| Operational and other creditors | 3,138.89 | 102.15 | 3.3% |
| All creditors | 60,636.82 | 14,084.20 | 23.2% |
All creditors together: about 23 paise for every ₹1 of admitted claims.
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 · 23rd meeting · voted 18 Nov 2025
How the plan pays
·Plan value is ₹15,343.40 Cr; financial creditors get ₹13,982.05 Cr against ₹57,497.93 Cr admitted. Assenting secured creditors receive ₹6,005.00 Cr within 90 days, ₹6,026.50 Cr after 2 years and ₹1,500.00 Cr of NCDs. Up to ₹800.00 Cr more for capex and working capital.
EoI / Form-G detail
Note on this notice: Workmen and employee numbers are as on 31 Mar 2024, from the annual report. Given the size and range of business segments, no product or capacity details are available.
Dates as captured from IBBI on 30 Aug 2026
Form-G notices on record
| Form G | EoI last date | Final PRA list | Plans due | Remark | ||
|---|---|---|---|---|---|---|
| latest | — | 11 Mar 2025 | — | — | Workmen and employee numbers are as on 31 Mar 2024, from the annual report. Given the size and range of business segments, no product or capacity details are available. | |
| — | 9 Feb 2025 | — | — | Workmen and employee numbers are as on 31 Mar 2024, from the annual report. Given the size and range of business segments, no product or capacity details are available. |
Case timeline
18 further events in between
1 Jul 2019
NCLAT appeal
CA AT INSOLVENCY NO 630 2019
3 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 ↗
6 Nov 2024
NCLAT appeal
IA Nos. 4145, 4159, 4941, 5550 & 5554 of 2024 in CA (AT) (Ins) No. 1158 & 1162 o read the order ↗
9 Feb 2025
EoI deadline
RP: Bhuvan Madan
11 Mar 2025
EoI deadline
RP: 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
₹7,000.00 Cr
Paid-up capital
₹491.92 Cr
Industry (MCA)
Mining and Quarrying
ROC
ROC Kanpur
Company status
Active
Registered address
SECTOR 128, NOIDA, UP, Uttar Pradesh, 201304, India
Claims filing history
Operational creditors ↓
2 ↓
3 ↓
4 ↓
Other stakeholders ↓
Secured financial creditors ↓
FC — class of creditors (homebuyer-type) ↓
Unsecured financial creditors ↓
| Creditor class | Claimed | Admitted | Admitted % |
|---|---|---|---|
| Other stakeholders | ₹3,376.13 Cr | ₹132.13 Cr | 4% |
Of ₹3,376.13 Cr claimed across these classes, ₹132.13 Cr stands admitted — 4 paise per ₹1 claimed made it past verification.
v20 · latest
as on 14 Jan 2026 · filed by Bhuvan Madan
v19
as on 5 Nov 2025 · filed by Bhuvan Madan
v18
as on 4 Nov 2025 · filed by Bhuvan Madan
v17
as on 12 Oct 2025 · filed by Bhuvan Madan
v16
as on 12 Oct 2025 · filed by Bhuvan Madan
Show all 20 versions
v15
as on 25 Sep 2025 · filed by Bhuvan Madan
v14
as on 15 Aug 2025 · filed by Bhuvan Madan
v13
as on 10 Jun 2025 · filed by Bhuvan Madan
v12
as on 24 Apr 2025 · filed by Bhuvan Madan
v11
as on 15 Apr 2025 · filed by Bhuvan Madan
v10
as on 11 Mar 2025 · filed by Bhuvan Madan
v9
as on 20 Feb 2025 · filed by Bhuvan Madan
v8
as on 10 Jan 2025 · filed by Bhuvan Madan
v7
as on 10 Dec 2024 · filed by Bhuvan Madan
v6
as on 10 Nov 2024 · filed by Bhuvan Madan
v5
as on 17 Oct 2024 · filed by Bhuvan Madan
v4
as on 18 Sep 2024 · filed by Bhuvan Madan
v3
as on 26 Jul 2024 · filed by Bhuvan Madan
v2
as on 22 Jun 2024 · filed by Bhuvan Madan
v1
as on 21 Jun 2024 · filed by Bhuvan Madan
Committee of creditors
As recorded in the plan-approval order of 17 Mar 2026
| Creditor | Class | Voting share | Vote | Admitted |
|---|---|---|---|---|
| National Asset Reconstruction Company Limited (NARCL) | financial creditor (CoC member) | 85.4283% | for | ₹49,119.07 Cr |
| Asset Care & Reconstruction Enterprise Limited (Yes Bank - pari passu) | financial creditor (CoC member) | 1.6447% | against | |
| Asset Care & Reconstruction Enterprise Limited (Karnataka Bank) | financial creditor (CoC member) | 0.7815% | for | |
| Asset Care & Reconstruction Enterprise Limited - Corporate Guarantee for JCCL (Yes Bank - BJCL) | financial creditor (CoC member) | 1.5998% | for | |
| Axis Bank Limited | financial creditor (CoC member) | 1.5856% | for | ₹911.69 Cr |
| The Bank of New York Mellon, London Branch | financial creditor (CoC member) | 1.5286% | abstained | ₹878.89 Cr |
| State Bank of India | financial creditor (CoC member) | 1.3353% | abstained | ₹767.77 Cr |
| Asset Reconstruction Company (India) Limited | financial creditor (CoC member) | 0.5770% | for | ₹331.78 Cr |
| Punjab National Bank | financial creditor (CoC member) | 0.5337% | abstained | ₹306.88 Cr |
| ICICI Bank Limited | financial creditor (CoC member) | 0.4022% | abstained | ₹231.27 Cr |
| Indian Overseas Bank | financial creditor (CoC member) | 0.3536% | abstained | ₹203.28 Cr |
| IDBI Bank Ltd | financial creditor (CoC member) | 0.1491% | abstained | ₹85.72 Cr |
| Canara Bank | financial creditor (CoC member) | 0.0677% | abstained | ₹38.93 Cr |
| Yes Bank Limited | financial creditor (CoC member) | 0.0952% | for | ₹54.76 Cr |
| Punjab and Sind Bank | financial creditor (CoC member) | 0.0511% | abstained | ₹29.36 Cr |
| Bank of Baroda | financial creditor (CoC member) | 0.0645% | abstained | ₹37.07 Cr |
| DBS Bank India Ltd | financial creditor (CoC member) | 0.0505% | for | ₹29.05 Cr |
| Jammu & Kashmir Bank Ltd | financial creditor (CoC member) | 0.0270% | abstained | ₹15.52 Cr |
| Bank of Maharashtra | financial creditor (CoC member) | 0.0167% | abstained | ₹9.63 Cr |
| Union Bank of India (e - Corporation Bank) | financial creditor (CoC member) | 0.0098% | abstained | ₹5.64 Cr |
| Ms. Anita Dixit {represented by Mr. Amarapal} | financial creditor in class (homebuyer) | 0.00002% | abstained | 130,964 |
| Mr. Harsha Nagesh (incl. Ms. Annapurna Nagesh, Asha Nagesh and K Nagesh) {represented by Mr. Amarapal} | financial creditor in class (homebuyer) | 0.0006% | abstained | ₹34.04 lakh |
| Mr. Raj Poddar (inc. Raj Poddar, Manjula Poddar, Nikunj Poddar and Nikhil Poddar) {represented by Mr. Amarapal} | financial creditor in class (homebuyer) | 0.0010% | abstained | ₹55.92 lakh |
| Mr. Raj Kumar Kedia (inc. Raj Kedia and Madhavi Kedia) {represented by Mr. Amarapal} | financial creditor in class (homebuyer) | 0.0001% | abstained | 492,106 |
| Mr. Rachit Kedia (incl. Ms. Vandana Kedia and Mr. Rachit Kedia) {represented by Mr. Amarapal} | financial creditor in class (homebuyer) | 0.00003% | abstained | 154,408 |
| Mrs. Charanjeet Kaur {represented by Mr. Amarapal} | financial creditor in class (homebuyer) | 0.00004% | abstained | 212,737 |
| Mr. Vivek Tayal (incl. Ms. Shweta Tayal, Ms. Kumud Rath Tayal and Mr. Ramesh Chandra Tayal) {represented by Mr. Amarapal} | financial creditor in class (homebuyer) | 0.0001% | abstained | 432,068 |
| Mr. Rohit Gupta (incl. Mr. Rohit Gupta, Ms. Nidhi Gupta and Ms. Suman Gupta) {represented by Mr. Amarapal} | financial creditor in class (homebuyer) | 0.00001% | abstained | 30,918 |
| Allottees Under Real Estate Project - Home Buyers | financial creditors in a class (homebuyers, through AR) | 3.6961% | for | ₹2,125.67 Cr |
NARCL holds 85.4283% of the CoC; the Financial Creditor Sub-Committee negotiates only, with no voting or decision-making power.
Dissenting creditors: Dissenting secured financial creditors are provided ₹1,902.40 Cr; dissenting unsecured financial creditors are provided NIL.
Sources, basis and disclaimers → ·
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This case vs Construction & Infrastructure
Haircut76.8%
typical for this sector 67.8%
Recovery vs liquidation value89.2%
typical for this sector 141.4%
81% of resolutions in this sector recovered more than their liquidation value.
Time to resolution652 days
typical for this sector 767 days
Size rank in sector#1 of 194
Key parties
Resolution Professional
15 IBBI mandates · 5 of 8 resolved plans beat the liquidation floor
IRP at commencement
Bhuvan Madan → · Jun 2024
Per IBBI's register of insolvency professionals, read 5 Oct 2026
CIRP initiated by
ICICI Bank Limited FC
Resolution applicant
Adani Enterprises Ltd
About the applicant
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.
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