Jaypee Founder Endorses Resolution Process, Adani Enterprises Sees 2.23% Gain

Adani Enterprises Secures Jaiprakash Associates Acquisition Amidst Insolvency Proceedings

Jaiprakash Gaur, the founder chairman of the Jaypee Group, has expressed his appreciation for the "fair and transparent process" conducted by the Committee of Creditors and the Resolution Professional following the National Company Law Tribunal's (NCLT) approval of Adani Enterprises Limited's bid to acquire Jaiprakash Associates Limited through the insolvency process.

Jaiprakash Associates Limited, which was founded in 1979, has been a significant player in the infrastructure sector, delivering iconic assets such as the Buddh International Circuit, major hydropower projects, cement capacity, and integrated developments including Jaypee Wish Town, Jaypee Greens, and Jaypee Sports City. The company's journey has been marked by perseverance and nation-building, and Gaur has expressed his deep personal pride in the institution's achievements.

The company faced financial stress and was subjected to insolvency proceedings, which led to the Corporate Insolvency Resolution Process. Gaur acknowledged the challenges faced by all stakeholders during this period and expressed his commitment to working alongside homebuyers, employees, lenders, and partners to enable a fair and credible resolution.

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The bidding process saw Adani Enterprises Limited emerge as the successful Resolution Applicant, outbidding Vedanta Limited and Dalmia Bharat Limited with a bid of Rs 14,535 crore. The Committee of Creditors had approved the plan in November last year, and the NCLT, Allahabad bench, orally pronounced an order approving the resolution plan submitted by Adani Enterprises on March 17, 2026.

Gaur expressed his confidence in the leadership of Gautam Adani, stating that under his guidance, the legacy of Jaiprakash Associates will be carried forward with renewed energy, responsibility, and purpose, ensuring that the aspirations of all stakeholders are fulfilled.

Comparison of Share Prices

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Shares of both companies were trading higher on the news, with Jaiprakash Power Ventures Limited up Rs 0.23 or 1.37 percent at around 1:57 pm, and Adani Enterprises Limited up Rs 45.50 or 2.23 percent.