Adani Wins Most Creditors Votes For Jaiprakash Associates Takeover
Besides the Adani and Vedanta Groups, the Dalmia Bharat Group, Jindal Power and PNC Infratech were the other resolution applicants for Jaiprakash Associates
Mumbai: Jaiprakash Associates’ creditors on Tuesday voted in favour of upfront cash payment offer of Adani Enterprises Limited (AEL), setting aside bids submitted by several rival large corporates. The move comes after Anil Agarwal’s Vedanta Group had previously won a challenge process for debt laden Jaiprakash Associates Ltd (JAL).
Besides the Adani and Vedanta Groups, the Dalmia Bharat Group, Jindal Power and PNC Infratech were the other resolution applicants for Jaiprakash Associates.
While the Vedanta Group pitched in with the highest offer of about Rs 16,000 crore in its resolution plan, which included upfront cash
payment of about Rs 3,800 crore and the rest to be paid over five years, the Adani Group offered higher upfront cash payment of about Rs 6,000 crore and the balance Rs 6,700 crore to be paid over two years which found favour with the lenders. Higher upfront cash payment is preferred by lenders as the proceeds boost their profitability.
Creditors total exposure to JAL was at about Rs 57498 crore as at November 05, 2025. The National Asset Reconstruction Company Limited (NARCL) has the highest exposure to JAL at Rs 49,119 crore, followed Asset Care & Reconstruction Enterprise Limited (Rs 2,315 crore), Axis Bank (Rs 912 crore), The Bank of New York Mellon, London Branch (Rs 879 crore), State Bank of India (Rs 768 crore), among others.
A committee of creditors voted on the resolution plans submitted by suitors. According to reports, Adani secured 89 per cent votes from
creditors, followed by Dalmia Cement (Bharat) and Vedanta Group. The National Asset Reconstruction Company Ltd (NARCL) owns 86 per cent of the committee of creditors voting share. SBI and ICICI that together own less than 3 per cent of the CoC votes abstained from voting.
“AEL has received a Letter of Intent (LOI) from the Resolution Professional ("RP") on November 19, 2025 at 3:05 p.m… The implementation of the resolution plan is subject to the terms of the LOI and requisite approvals from the National Company Law Tribunal, Allahabad Bench, Prayagraj and / or any other regulatory authority / courts / tribunal (as the case may be) under applicable laws,” Adani Enterprises said in its regulatory filing.
