Shardul Amarchand Mangaldas & Co. (SAM), Cyril Amarchand Mangaldas,(CAM), Karanjawala & Company and Equilex advised on the Corporate Insolvency Resolution Process (CIRP) for Jaiprakash Associates Limited and a ₹15,343 crore resolution plan submitted by Adani Enterprises Limited (AEL).

Jaiprakash Associates Limited (JAL) is undergoing a high-value CIRP, with the resolution plan submitted by Adani Enterprises Limited having an aggregate value of approximately ₹15,343 crore (USD ~1.6 billion). JAL admitted claims in the CIRP amount to approximately ₹60,771 crore.

The CIRP has also generated extensive litigation before multiple judicial forums, including the Supreme Court of India and the National Company Law Appellate Tribunal (NCLAT), arising from challenges to the approval and implementation of the resolution plan.

SAM acted as legal counsel to the Resolution Professional of Jaiprakash Associates Limited and subsequently to the Chairman of the Monitoring Committee, in relation to the CIRP and implementation of the Adani resolution plan.

The Restructuring and Insolvency Team was led by National Practice Head – Restructuring & Insolvency Anoop Rawat, and Partner Sagar Dhawan, along with Principal Associates Shreyas Gupta, Aditya Marwah, Arushi Chandra, Senior Associates Ahkam Khan, Varnika Taya, Rashi Sharma, Associates Diksha Sharma, Ananya Khanna, and Aditi Rathore.

The Litigation Team comprised Partners Anoop Rawat, Misha, Sagar Dhawan and Vaijayant Paliwal, along with Principal Associates Shreyas Gupta, Nikhil Mathur, Aditya Marwah, Prateek Gupta and Prateek Yadav, Senior Associates Ahkam Khan, Udbhav Nanda, Gaurav Arora, Varnika Taya, Rashi Sharma, and Kirti Gupta, and Associates Rachna Dubey, Diksha Sharma, Ananya Khanna, and Aditi Rathore.

The Real Estate Team comprised Partner Rohit Bajaj, along with Principal Associate Shridha Malhotra.

The Tax Team comprised Partners Sanjiv Malhotra and Rohit Garg, along with Principal Associate Priyanka Jain.

The SEBI Team comprised Partner Yogesh Chande, along with Principal Associate Preeti Kapany.

Cyril Amarchand Mangaldas (CAM) represented the committee of creditors (CoC) of Jaiprakash Associates. The CAM team was lead by Partners Madhav Kanoria, Srideepa Bhattacharyya, Surbhi Pareek and Principal Associate Neha Shivhare and Senior Associate Aditya Tanay Pandey.

Karanjawala & Company successfully represented Adani Enterprises Limited before the National Company Law Appellate Tribunal in an appeal filed by Vedanta challenging approval of the resolution plan.

The NCLAT dismissed the appeal and upheld the NCLT Allahabad order approving the Adani resolution plan.

The Karanjawala team comprised Senior Partner Ruby Singh Ahuja, Partner Seema Sundd, Principal Associates Ritu Raj and Ravneet Kaur, Senior Associates Shruti Pandey and Snehil Srivastava, Associate Prakash Chandra, Associate Vedant S. Choudhry, along with Senior Advocate Ritin Rai.

Equilex acted for Vedanta Limited before the Supreme Court of India in proceedings arising out of the CIRP of Jaiprakash Associates Limited.

The Supreme Court declined to stay the resolution plan or interim NCLAT directions, while directing expedited hearing of the appeal and safeguarding against irreversible actions pending adjudication.

The Equilex team was led by Managing Partner Deep Roy, along with Associate Anuj Lakhotiya.