The National Company Law Tribunal has approved Adani Enterprises Ltd.'s ₹14,535 crore ($1.74 billion) resolution plan to acquire bankrupt infrastructure heavyweight Jaiprakash Associates Ltd.
The ruling marks the culmination of a high-stakes insolvency process and hands billionaire Gautam Adani a sprawling portfolio of cement, real estate, and hospitality assets.
Adani Enterprises emerged victorious after a fiercely contested bidding war, outmaneuvering industry peers Vedanta and Dalmia Bharat with a structurally superior and front-loaded payout mechanism.
The acquisition includes access to captive leased limestone mines, a massive land bank, and premium real estate footprint, including nearly 3,985 acres of prime land in the National Capital Region.
The NCLT's verdict serves as the final chapter in the spectacular rise and fall of the Jaypee Group, which was formally admitted into the Corporate Insolvency Resolution Process in June last year after defaulting on aggregate loans amounting to ₹57,185 crore.
