Jaiprakash Associates Ltd (JAL) has ceased trading on India's primary stock exchanges, the BSE and NSE, with effect from June 18, 2026. The delisting marks a significant development in the company's insolvency resolution process, which culminated in the approval of a substantial bid by Adani Enterprises Ltd.
The company received final approval for the delisting of its equity shares from both stock exchanges on June 15, 2026. This move formalizes the outcome of a prolonged corporate insolvency resolution process (CIRP) that began in June 2024.
Adani's Resolution Plan Approved
The National Company Law Tribunal (NCLT) Allahabad bench had greenlit Adani Enterprises Ltd's Rs 14,535 crore bid for Jaiprakash Associates through the insolvency process on March 17, 2026. This date also marked the last day JAL shares were traded on the exchanges.
Jaiprakash Associates had subsequently applied for the delisting of its equity shares, an expected step following the approval of the resolution plan.
Timeline of Insolvency and Approval
The Corporate Insolvency Resolution Process (CIRP) for Jaiprakash Associates Ltd was initiated on June 3, 2024. Bhuvan Madan was appointed as the Resolution Professional to oversee the proceedings. A critical milestone was achieved on November 18, 2025, when the resolution plan submitted by the company received overwhelming support from the Committee of Creditors (CoC), with a voting share of 93.81 per cent.
Supreme Court Upholds Acquisition
Further solidifying the acquisition, the Supreme Court of India had earlier stated it would not interfere with the National Company Law Appellate Tribunal (NCLAT)'s order. This decision effectively refused a plea filed by Vedanta, which sought to stay the Adani Group’s bid to acquire Jaiprakash Associates Ltd, clearing the path for the current delisting.
Jaiprakash Associates had expressed its gratitude to the stock exchanges for their support and cooperation during the company's listing period.