Jaiprakash Associates signs asset sale agreements worth ₹5,693.6 crore

Jaiprakash Associates Limited has entered into definitive agreements for the sale of key assets to Adani Group entities as part of the implementation of its Approved Resolution Plan. The Monitoring Committee, constituted to supervise the plan submitted by Adani Enterprises Limited, authorized these transactions during its meeting on May 18, 2026. The agreements were signed on the night of May 20, 2026.

Sale of Power Assets and Shareholdings

The company executed a Business Transfer Agreement with Adani Power Limited for the sale of its 180 MW thermal power plant located in Churk and related assets. This includes the transfer of 11.49% shares held by Jaiprakash Associates in Prayagraj Power Generation Company Limited. Additionally, the company signed a Share Sale and Purchase Agreement with Adani Power Limited for the sale of its 24% shareholding in JPVL.

In a separate transaction, Jaiprakash Associates signed a Share Sale and Purchase Agreement with Adani Ports & Special Economic Zone Limited for the sale of 100% of its shareholding in Jaypee Fertilizers & Industries Limited. This entity holds Kanpur Fertilizers and Chemicals Limited, which owns industrial and commercial lands in Kanpur.

Transaction Consideration

The total consideration for these asset sales amounts to ₹5,693.6 crore. The breakdown of the transaction values includes ₹2,993.6 crore for the JPVL stake, ₹1,200 crore for the thermal power plant and related assets, and ₹1,500 crore for the shareholding in the fertilizer holding company. The buyers do not belong to the promoter or promoter group of Jaiprakash Associates.

Implementation Timeline

These sale transactions are expected to be consummated on the Effective Date of the Resolution Plan. The company stated that requisite disclosures would be made to the stock exchanges upon the completion of these transactions. The implementation is being carried out in accordance with the terms of the Approved Resolution Plan and relevant regulations.

Particulars	Details
Buyer	Adani Power Limited, Adani Ports & SEZ Limited
Total Consideration	₹5,693.6 crore
Assets Sold	Churk Power Plant, JPVL Stake, JFIL Stake
Agreement Date	May 20, 2026
Completion Date	Effective Date of Resolution Plan

Jaiprakash Associates Limited has filed a mandatory disclosure of defaults on payment of interest and repayment of principal amount on loans from banks and financial institutions for the month ended April 2026. The disclosure was made in compliance with SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2019/140 dated 21st November 2019 and was submitted on 7th May 2026.

Key Disclosure Details

The disclosure, filed under Format C1 as specified under Para 3(B) of the SEBI circular, covers loans including revolving facilities such as cash credit from banks and financial institutions. The following table summarises the key parameters of the disclosure:

Parameter:	Details
Name of Listed Entity:	Jaiprakash Associates Limited (JAL)
Date of Disclosure:	6th May, 2026
Nature of Obligation:	Term Loan, WCTL, FITL, etc.
Total Outstanding Borrowings (Provisional):	INR 55,357.39 crores as on April 30, 2026
Total Financial Indebtedness (Provisional):	INR 55,357.39 crores as on April 30, 2026

Lenders Involved

The disclosure identifies a broad consortium of lenders to whom the obligations are owed. The lenders named in the filing include:

National Asset Reconstruction Company Limited (NARCL)
Axis Bank Limited
Bank of Maharashtra
Canara Bank
Bank of Baroda
ICICI Bank Limited
Indian Overseas Bank
IDBI Bank Limited
The Jammu & Kashmir Bank Limited
DBS Bank India Limited
Punjab National Bank
Punjab & Sind Bank
State Bank of India
Yes Bank Limited
Asset Care & Reconstruction Enterprise (ACRE) Limited
Asset Reconstruction Co India Ltd (ARCIL)
Union Bank of India (e-corporation Bank)
The Bank of New York, Mellon

Corporate Insolvency Resolution Process

Jaiprakash Associates Limited is currently undergoing a Corporate Insolvency Resolution Process (CIRP) in terms of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated vide an order dated 3rd June 2024 passed by the Hon'ble National Company Law Tribunal (NCLT), Allahabad Bench. Mr. Bhuvan Madan was appointed as the Interim Resolution Professional, and was subsequently confirmed as the Resolution Professional (RP) with 87.72% voting share at the 2nd Committee of Creditors (CoC) meeting held on 30th July 2024.

The Hon'ble NCLT, vide order dated 17th March 2026 (orally pronounced on 17th March 2026 and uploaded on the NCLT website on 18th March 2026), approved the resolution plan dated October 14, 2025 (read with email clarifications dated November 5, 2025) submitted by Adani Enterprises Limited in the CIRP of the company, under Section 31 of the Insolvency and Bankruptcy Code, 2016. The disclosure for April 2026 was signed and submitted by Bhuvan Madan in his capacity as Chairman of the Monitoring Committee of Jaiprakash Associates Limited.