The National Company Law Tribunal (NCLT), Allahabad, has approved Adani Enterprises’ over ₹15,000-crore resolution plan for bankrupt Jaiprakash Associates Ltd (JAL), rejecting Vedanta Ltd’s challenge.
“Resolution plan is approved as per the details in the order,” the NCLT bench said while pronouncing the verdict.
A detailed written order was not available till press time.
After NCLT approval, the resolution plan becomes binding, and control shifts to Adani Enterprises, with payments to creditors beginning as per the timeline set by the monitoring committee. The company then moves towards implementation and eventual exit from insolvency.
Adani Enterprises informed the stock exchanges that the deal may be implemented by the company,…