Jaiprakash Associates Limited (JAL), a major player in the infrastructure and real estate sectors, has disclosed its substantial outstanding debt of ₹55,371.21 crore in its quarterly disclosure for Q3FY26. This disclosure was made in compliance with SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2019/140, as the company continues to navigate through its Corporate Insolvency Resolution Process (CIRP).

Q3FY26 SEBI Compliance Disclosure

JAL submitted its mandatory quarterly disclosure for the quarter ended December 2025 to both BSE Limited and National Stock Exchange of India Limited. The disclosure was signed by Som Nath Grover, Vice President & Company Secretary, in accordance with SEBI regulations requiring listed entities to report defaults on payment of interest and principal amounts on loans from banks and financial institutions.

Financial Position and Debt Structure

The company's quarterly disclosure reveals that the total financial indebtedness remains at ₹55,371.21 crore, including both short-term and long-term debt. The disclosure format C2 specifically addresses defaults in loans from banks and financial institutions, including revolving facilities like cash credit.

Corporate Insolvency Resolution Process Status

JAL has been under Corporate Insolvency Resolution Process since June 3, 2024, following an order from the Hon'ble National Company Law Tribunal, Allahabad Bench. Mr. Bhuvan Madan was appointed as the Interim Resolution Professional and continues to oversee the resolution process.

Claims Verification and Lender Engagement

According to the quarterly disclosure, all lenders are currently in the process of filing their claims against the company, and these claims are under verification. The company noted that as it operates under the Insolvency and Bankruptcy Code 2016, the exact amount of defaults cannot be specified until the claims verification process is completed.

The ongoing insolvency process continues to be closely monitored by stakeholders, including creditors, employees, and the broader infrastructure sector, as the resolution of JAL's financial distress could have significant implications for the industry. The quarterly disclosure maintains transparency with investors and regulatory authorities while the company works through the structured resolution process under CIRP.

Jaiprakash Associates Limited (JAL), currently undergoing Corporate Insolvency Resolution Process (CIRP), has taken a significant step towards potential resolution. The Committee of Creditors (CoC) of JAL has approved the resolution plan submitted by Adani Enterprise Limited with an overwhelming majority.

Key Highlights

• Adani Enterprise's resolution plan received 93.81% votes from the CoC
• The approval surpasses the required threshold of 66% under the Insolvency and Bankruptcy Code
• The Resolution Professional has been authorized to issue a letter of intent to Adani Enterprise
• An application will be filed with the Adjudicating Authority for approval of the resolution plan

Voting Details

The e-voting for the resolution plan took place. The results of the voting are as follows:

Additional Approvals

The CoC meeting also addressed other crucial matters:

1. Approval of the list of claims as per CIRP Regulations (89.85% votes)
2. Approval of distribution methodology for Secured Financial Creditors (89.22% votes)

These approvals indicate a comprehensive approach to resolving JAL's insolvency process.

Next Steps

With the CoC's approval secured, the Resolution Professional is now authorized to:

1. Issue a letter of intent to Adani Enterprise Limited as the successful resolution applicant
2. File an application with the Adjudicating Authority for approval of the resolution plan

The move marks a crucial development in JAL's insolvency proceedings, potentially paving the way for the company's restructuring under Adani Enterprise's management, subject to final regulatory approvals.

As the process unfolds, stakeholders will be keenly watching the next steps, particularly the Adjudicating Authority's decision on the approved resolution plan.