Voting Results of 23rd Meeting of CoC.
Awaiting price reaction for this filing.
Jaiprakash Associates, currently under the Corporate Insolvency Resolution Process (CIRP), has had its 23rd Committee of Creditors (CoC) meeting where Adani Enterprises' resolution plan was approved with 93.81% voting (well above the 66% threshold required). The CoC also approved the list of verified claims with 89.85% voting and the distribution methodology for secured financial creditors with 89.22% voting. The Resolution Professional has been authorized to issue a letter of intent to Adani Enterprises and file an application with the Adjudicating Authority (NCLT) for final approval of the resolution plan.
This is a major positive milestone that brings the multi-year insolvency process closer to resolution. If NCLT gives final approval, Adani Enterprises will formally take over Jaiprakash Associates, likely providing clarity for existing shareholders. The stock could react positively on clarity of ownership, though existing equity may face significant dilution or extinguishment depending on the resolution plan's terms.