Adani Enterprises Ltd (AEL), the flagship firm of Gautam Adani, has secured creditor approval for its Rs 14,535 crore bid to acquire the bankrupt Jaiprakash Associates (JAL). The Adani Group company outbid Vedanta and Dalmia Bharat in the race for the infrastructure group.
"This is to inform that the Committee of Creditors (CoC) of JAL, a company undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016 (IBC) has approved the Resolution Plan submitted by Adani Enterprises Limited (“AEL”). In this regard, AEL has received a Letter of Intent (LOI) from the Resolution Professional (RP) on November 19, 2025 at 3:05 p.m.," AEL said in a stock exchange filing on Wednesday.
Adani got the maximum 89% votes from creditors, followed by Dalmia Cement (Bharat) and Vedanta Group. The National Asset Reconstruction Company Ltd (NARCL) had the biggest say in the process as it controls about 86% of the Committee of Creditors' (CoC) voting share. A small group of lenders, including State Bank of India and ICICI Bank, which together account for less than 3% of CoC's votes, abstained from voting.
"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 under applicable laws," AEL said.
Sources familiar with the development said that lenders preferred Adani's plan as it offered a higher upfront payment compared to competing proposals. The conglomerate has proposed a total plan value (TPV) of Rs 14,535 crore, including Rs 6,005 crore upfront and another Rs 7,600 crore payable after two years. In net present value terms, the offer is estimated at Rs 12,000 crore.
Billionaire Anil Agarwal’s Vedanta offered Rs 3,800 crore upfront payment and Rs 12,400 crore in deferred payments over five years, taking the TPV of Rs 16,726 crore.
A Vedanta spokesperson said, "CoC voting is happening this week, and we trust that the CoC will make the best decision in the public interest. Vedanta is a growth-oriented company, always looking for opportunities and synergy. Our approach remains disciplined, focused on value creation and long-term growth."
JAL, which has high-quality assets and business interests spanning real estate, cement manufacturing, hospitality, power and engineering & construction, was admitted to the Corporate Insolvency Resolution Process (CIRP) in June last year after it defaulted on payments of loans aggregating Rs 57,185 crore. The firm in June had received bids from Vedanta, Adani Enterprises, Dalmia Cement, Jindal Power, and PNC Infratech. In September, the CoC conducted an auction under the Swiss challenge process.
Sources said the CoC evaluated the resolution plans on the basis of the evaluation matrix. The resolution plan of Adani Enterprise Ltd got the highest score, followed by Dalmia Cement (Bharat) and Vedanta Ltd. The payments in Dalmia's plans are contingent upon the Supreme Court's judgment on the pending matter between JAL and the development authority Yamuna Expressway Industrial Development Authority (YEIDA).