Adani Enterprises wins approval for ₹15,000-cr plan to acquire Jaiprakash Associates, beating Vedanta’s bid.

The National Company Law Tribunal (NCLT) in Allahabad has approved Adani Enterprises' ₹15,000-crore resolution plan for bankrupt Jaiprakash Associates Ltd, rejecting a competing bid from Vedanta. The plan, backed by 93% of financial creditors, includes an upfront payment of ₹6,000 crore and offers creditors a 2.8% recovery on ₹5.44 trillion in claims. It grants Adani control of JAL’s cement plants, mines, and real estate assets. The approval, following a November 2025 creditor decision, allows Adani to proceed with the acquisition, though Vedanta may appeal to the NCLAT. A final written order is pending.