Jaiprakash Power Ventures has informed stock exchanges about a significant development regarding its promoter company, Jaiprakash Associates Limited. The National Company Law Tribunal (NCLT), Allahabad Bench, has orally pronounced an order approving the resolution plan for Jaiprakash Associates Limited under the corporate insolvency resolution process.

NCLT Approval Details

The tribunal approved the resolution plan submitted by Adani Enterprises Limited on March 17, 2026, under Section 31 of the Insolvency and Bankruptcy Code, 2016. The resolution plan was originally dated October 14, 2025, with email clarifications provided on November 5, 2025.

Impact on Shareholders

The approved resolution plan contains significant implications for existing shareholders of Jaiprakash Associates Limited. According to the assessment by Adani Enterprises Limited, the liquidation value is insufficient to satisfy even the claims of secured creditors in full.

Key provisions affecting shareholders include:

• Zero consideration offered to shareholders as part of the delisting process
• Complete cancellation of all existing share capital on the effective date
• Immediate delisting from relevant stock exchanges following NCLT approval

Securities Treatment Under Resolution Plan

The approved resolution plan outlines comprehensive treatment of existing securities:

Implementation Process

All necessary actions for implementing the delisting will be undertaken immediately following the NCLT approval. The resolution professional, insolvency professional, relevant stock exchanges, and other stakeholders are required to cooperate and provide assistance to Adani Enterprises Limited in this process.

The pre-CIRP issued share capital of Jaiprakash Associates Limited existing as on the effective date will be entirely cancelled and extinguished for zero consideration. The effective date is defined as a date not later than 90 days from the date of NCLT approval of the resolution plan.

Both Jaiprakash Power Ventures Limited and Jaiprakash Associates Limited have filed disclosures with BSE Limited and National Stock Exchange of India Limited regarding this development, in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Jaiprakash Power Ventures Limited has announced a significant revision in its credit rating by CRISIL Ratings Limited. The company informed both NSE and BSE about this development on March 12, 2026, as required under Regulation 30(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

CRISIL Rating Revision Details

CRISIL Ratings Limited has revised its assessment of the company's long-term bank loan facilities, moving from a stable outlook to a watch negative status. This revision indicates potential concerns that may lead to further rating actions.

Regulatory Compliance and Documentation

The company has fulfilled its disclosure obligations by promptly notifying the stock exchanges of this rating change. The communication was signed by Mahesh Chaturvedi, General Manager and Company Secretary, ensuring proper authorization and compliance with corporate governance requirements.

CRISIL Ratings Limited has published a detailed rating rationale dated March 11, 2026, explaining the basis for this revision. The complete rationale document is accessible through the rating agency's official platform for stakeholders seeking comprehensive analysis of the rating decision.

Significance of the Rating Change

The revision from 'STABLE' to 'WATCH NEGATIVE' represents a notable shift in CRISIL's assessment of the company's creditworthiness. The watch negative status typically indicates that the rating agency has identified specific concerns or developments that could potentially lead to a downgrade if not addressed satisfactorily. This change affects facilities worth Rs 5600.00 crore, representing a substantial portion of the company's debt obligations.