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The Allahabad bench of the National Company Law Tribunal approved Adani Enterprises' resolution plan on March 17, 2026.Under the approved resolution plan, ₹6,000 crore was to be disbursed within 90 days of the plan approval date toward repayment of secured financial creditors.
Another ₹6,026 crore is payable at the end of two years from the date of approval.
While the total bid value stands at ₹14,535 crore, the recovery for financial creditors is estimated at around ₹13,500 crore.
The remaining amount will be used toward insolvency resolution process costs, operational creditors, and other statutory payments.
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Mumbai: Adani Group on Thursday paid around ₹6,000 crore to lenders of debt-ridden Jaiprakash Associates as the first tranche of its ₹14,535 crore resolution plan, marking a key milestone in one of the longest-running insolvency cases.The payment, funded through Adani's internal accruals, comes after the resolution plan received final judicial clearance following the dismissal of rival bidder Vedanta Group's challenge before the National Company Law Appellate Tribunal (NCLAT)."The fund transfer happened Thursday. This was a big day for lenders because they will receive a large amount after such a long delay," a person aware of the development said.An Adani spokesperson did not immediately respond to a request for comment.The National Asset Reconstruction Co (NARCL) holds 85.43% of the admitted debt of Jaiprakash Associates. Other lenders include Asset Care & Reconstruction Company (ACRE), Axis Bank , The Bank of New York Mellon, State Bank of India , Asset Reconstruction Company (India) (ARCIL), and others.The insolvency proceedings involving Jaiprakash Associates have been underway for a few years, and the company formally entered the Corporate Insolvency Resolution Process (CIRP) in June 2024. The Allahabad bench of the National Company Law Tribunal approved Adani Enterprises' resolution plan on March 17, 2026.Under the approved resolution plan, ₹6,000 crore was to be disbursed within 90 days of the plan approval date toward repayment of secured financial creditors. Another ₹6,026 crore is payable at the end of two years from the date of approval. In addition, secured lenders will receive ₹1,500 crore in non-convertible debentures (NCDs) carrying a put option, allowing creditors to seek redemption at face value between 12 and 21 months from plan approval. Adani also retains a call option to redeem the NCDs at face value between 21 and 24 months from approval.The securities are backed by guarantees from listed Adani companies. While the total bid value stands at ₹14,535 crore, the recovery for financial creditors is estimated at around ₹13,500 crore. The remaining amount will be used toward insolvency resolution process costs, operational creditors, and other statutory payments.
