Jaiprakash Power Ventures Limited has informed the Exchange regarding Hon'ble NCLT Allahabad Bench Order with respect to CIRP of Jaiprakash Associates Limited (Promoter Company )
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Jaiprakash Power Ventures has informed stock exchanges that the NCLT Allahabad Bench has orally pronounced an order on March 17, 2026, approving the resolution plan submitted by Adani Enterprises Limited for its promoter company, Jaiprakash Associates Limited, which was undergoing corporate insolvency resolution process (CIRP) under the IBC. Under the approved plan, Jaiprakash Associates' shares will be delisted from the stock exchanges, and existing shareholders will receive zero consideration, as the liquidation value is insufficient to even fully pay secured creditors. All pre-CIRP share capital of Jaiprakash Associates will be cancelled for zero value on the Effective Date (within 90 days of NCLT approval). Since Jaiprakash Associates is the promoter of Jaiprakash Power Ventures, this effectively clears the path for Adani Enterprises to become the new promoter of JPVL.
This is a major positive structural event for JPVL, as it removes the uncertainty around its distressed promoter and effectively brings Adani Enterprises — a financially strong group — into the promoter seat, which could improve JPVL's access to capital, governance, and growth prospects. Existing JAL shareholders, however, are wiped out with zero payout.