Jaiprakash Associates Limited Enters Definitive Agreements for Implementation of Resolution Plan
Jaiprakash Associates Limited (JAL) announced the formation of a monitoring committee and reported entering into several definitive agreements as part of the implementation of an Approved Resolution Plan. The resolution plan was approved by the Hon'ble National Company Law Tribunal, Allahabad Bench, and relates to a plan submitted by Adani Enterprises Limited (AEL).The purpose of the constituted Monitoring Committee (MC) is to manage the affairs of the Corporate Debtor, supervise the execution of the Approved Resolution Plan, and fulfill its responsibilities according to the terms laid out in the plan.
In furtherance of this plan, the Company executed three major definitive agreements on the night of May 20, 2026, following authorization granted by the Monitoring Committee in a meeting held on May 18, 2026. These agreements facilitate the sale of various assets and investments under the Resolution Plan.
Key Sale Agreements and Assets:
The definitive agreements concern the transfer of assets and investments, primarily involving Adani Power Limited (APL) and Adani Ports & Special Economic Zone Limited (APSEZ). The agreements include:
1. Business Transfer Agreement (BTA): Executed with APL for the sale of the 180 MW thermal power plant of the Company located in Churk, along with other related assets, including 11.49% shares of Prayagraj Power Generation Company Limited.
2. Share Sale and Purchase Agreement (JFIL SPA): Executed with APSEZ for the sale of 100% of the shareholding of Jaypee Fertilizers & Industries Limited (JFIL), which is the holding company of Kanpur Fertilizers and Chemicals Limited (KFCL).
3. Share Sale and Purchase Agreement (JPVL SPA): Executed with APL for the sale of 24% of the shareholding of JPVL held by the Company.
The sale transactions under the JPVL SPA, BTA, and JFIL SPA are expected to be consummated in accordance with the terms of the respective agreements and the Approved Resolution Plan.
Transaction Details and Consideration
The following table outlines the key financial and transactional details for the sale agreements.
| Particulars | Agreement | Buyer | Consideration Received |
|---|---|---|---|
| Sale of 24% of JPVL shareholding | JPVL SPA | Adani Power Limited (APL) | INR 2,993,59,08,147.6 |
| Sale of power assets (Churk) | BTA | Adani Power Limited (APL) | INR 1,200,00,00,000 |
| Sale of 100% of JFIL shareholding | JFIL SPA | Adani Ports & Special Economic Zone Limited (APSEZ) | INR 1,500,00,00,000 |
The buyers involved in these transactions, Adani Power Limited and Adani Ports & Special Economic Zone Limited, are noted to not belong to the promoter or promoter group/group companies. The expected completion date for the disposal of these assets is the Effective Date of the Resolution Plan.
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