Jaiprakash Power Ventures has agreed to settle its Insolvency and Bankruptcy Code (IBC) claim with National Asset Reconstruction Company Limited (NARCL) for ₹511.00 crore. The settlement serves as a full and final payment, subject to the fulfilment of specific conditions and the execution of definitive agreements.

The company announced the development in a disclosure dated September 19, 2026, referencing an earlier filing from February 27, 2026, regarding the initiation of IBC proceedings. The agreement marks a significant step towards resolving the corporate insolvency process.

Settlement Terms

According to the exchange filing, the IBC proceedings will be withdrawn only after all conditions of the settlement terms are met. Jaiprakash Power stated that it will keep the stock exchanges informed of any further developments in this matter.

The resolution of the IBC case removes a major legal overhang for the company, potentially stabilizing its operational outlook pending final regulatory approvals.

Jaiprakash Power Ventures shareholders approved all 11 ordinary and special resolutions at its 31st Annual General Meeting (AGM) held on July 30, 2026, via Video Conferencing. The meeting, chaired by Whole Time Director Savan Jayendra Patel, secured consent for key board appointments, adoption of FY26 financial statements, and director remuneration structures. Of the 25,04,898 shareholders on record, 129 attended virtually, comprising one promoter group member and 128 public shareholders. The proceedings complied with Section 108 of the Companies Act, 2013, Rule 20 of the Companies (Management and Administration) Rules, 2014, Secretarial Standard-2, and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Amit Agrawal (FCS 5311) served as Scrutinizer, with Vishal Lochan Aggarwal (FCS 7241) as Alternate Scrutinizer. Additional compliance references included SEBI Circular No. SEBI/HO/CFD/CFD-PoD2/P/CIR/2024/133 dated October 3, 2024, Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023, Circular No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2023/167 dated October 7, 2023, and Master Circular No. SEBI/HO/MIRSD/PoD-1/P/CIR/2024/37 dated May 7, 2024.

Board Appointments and Financial Approvals

Shareholders passed three Special Resolutions to appoint Shruti Anup Shah, Jayant Misra, and Mukesh M. Shah as Independent Directors. Two Ordinary Resolutions approved Savan Jayendra Patel as Executive Director designated as Whole-Time Director, and Jayadeb Nanda and Naresh Telgu as Non-Executive, Non-Independent Directors. The audited standalone and consolidated financial statements for the year ended March 31, 2026, were adopted with 97.31% support.

Remuneration Resolutions

Three resolutions concerning director remuneration received substantial support but faced notable opposition. Shareholders approved Ordinary Resolutions to pay commission-based remuneration to former Executive Directors and Non-Executive Directors who served in FY25. A separate Special Resolution authorized payment of remuneration by way of commission to one former Non-Executive Director exceeding fifty percent of the total commission payable to all Non-Executive Directors. All three remuneration-related resolutions secured approximately 88% support, with around 12% of valid votes cast against them.

What the Numbers Show

The voting data reveals a distinct pattern in shareholder sentiment regarding governance versus compensation. While board appointments and financial audits near-unanimously passed (with support ranging from 94.56% to 99.99%), the remuneration resolutions for former directors faced notable resistance, with opposition hovering between 11.87% and 11.96%. This divergence suggests that while investors broadly support the company’s strategic leadership changes and financial transparency, there is heightened scrutiny or dissatisfaction regarding the retrospective compensation packages for outgoing management.