# Approval of Resolution Plan - Jaiprakash Associates Limited

> NCLT judgment dated 2026-03-17. Citation: TCN-2026-NCLT-00231. The case involves an application filed by the Resolution Professional (RP), Bhuvan Madan, for…

- **Court:** NCLT
- **Order date:** 17 Mar 2026
- **Citation:** TCN-2026-NCLT-00231
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/approval-of-resolution-plan-jaiprakash-associates-limited-936ae33a

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP), Bhuvan Madan, for the approval of a resolution plan for Jaiprakash Associates Limited (JAL), the Corporate Debtor, under Section 30(6) of the Insolvency and Bankruptcy Code (IBC).

## Facts

A Company Petition bearing number CP (IB) No. 330/ALD/2018 was filed by ICICI Bank Limited against Jaiprakash Associates Limited, the Corporate Debtor, under section 7 of the Code, which was admitted vide order dated 03.06.2024.

Bhuvan Madan was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) of the Corporate Debtor.

The CoC was reconstituted as of 05.11.2025 with 27 CoC members.

Adani Enterprises Ltd. submitted a resolution plan on 14.10.2025, which was approved by the CoC with a voting share of 93.81% on 18.11.2025.

The RP published Form 'G' on 10.01.2025, inviting Eols for submission of resolution plans for the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Adani Enterprises Limited complies with the requirements …

**Ratio:** Section 30(2) of the IBC specifies the mandatory requirements that a resolution plan must

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan and the Compliance Certificate

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**Interpretation:** The interpretation of Section 30(2) involves ensuring that the resolution plan

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**Application:** The Adjudicating Authority found that the Resolution Plan submitted by Adani

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Bhuvan…; BHUVAN MADAN…
- **Respondents:** Jaiprakash…; Committee of…
- **Other parties:** National Asset…; ICICI Bank…; +2 more
- **Advocates:** Arun Kath…; Krsihnendu…; +20 more

## Timeline

- **2018 — Filing of Company…**: A Company Petition bearing number CP (IB) No. 330/ALD/2018 was filed by ICICI Bank…
- **2024-06-03 — Admission of Company…**: The Company Petition was admitted…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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