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Informist, Tuesday, Mar. 24, 2026

 

NEW DELHI – The National Company Law Appellate Tribunal Tuesday refused to stay the delisting of debt-ridden Jaiprakash Associates Ltd. from the exchanges on an appeal by resolution applicant Vedanta Ltd. against Adani Enterprises Ltd.'s INR 145-billion resolution plan. The appellate tribunal noted that if in future it sets aside Adani Enterprises' resolution plan for Jaiprakash Associates, the delisting will automatically have to be reversed.

 

Vedanta had argued that the delisting of the company should not happen while the appellate tribunal was hearing its appeal. However, the resolution professional and the committee of creditors argued that Vedanta had itself provided for delisting of Jaiprakash Associates in its resolution plan.

 

Under the approved resolution plan, the entire existing shareholding structure of Jaiprakash Associates will be wiped out. This includes holdings of public shareholders as well as the promoters, leaving no residual value for any existing equity investor.

 

All pre-insolvency share capital, including equity shares, preference shares, and any convertible instruments or warrants, will be cancelled and extinguished in full for zero consideration. The promoters' stake in the company will be completely eliminated, resulting in a total loss of ownership and control. Following implementation, Jaiprakash Associates equity base will be restructured under the new ownership of Adani Enterprises.

 

Earlier in the day, the National Company Law Appellate Tribunal had refused to stay the implementation of Adani Enterprises Ltd.'s resolution plan for Jaiprakash Associates. Vedanta had challenged the Adani Enterprises resolution plan, terming the process followed by the committee of creditors in approving the plan "unfair, opaque, and inequitable".

 

In 2024, the Allahabad bench of the National Company Law Tribunal had admitted ICICI Bank's insolvency petition against Jaiprakash Associates under the Insolvency and Bankruptcy Code for a debt of INR 12.69 billion. The order was upheld by the National Company Law Appellate Tribunal the same year.

 

At 1357 IST, shares of Vedanta were up 1.3% at INR 654.05 on the National Stock Exchange. Shares of Adani Enterprises were up slightly at INR 1,837.00. Shares of ICICI Bank were up 2.2% at INR 1,249.50.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Rajeev Pai

 

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