Jaiprakash Associates Ltd

Tribunal Approval Overview

• Resolution plan by Adani Enterprises Limited approved by tribunal.
• Plan binds company, employees, creditors, government, and stakeholders.

Key Features of the Approved Resolution Plan

• Adani Enterprises Limited becomes 100% promoter post capital reduction.
• Existing shares and convertible instruments cancelled for zero consideration.
• Adani to infuse up to INR 800 crores within 180 days post-approval.
• All assets returned free of encumbrances on Effective Date.
• No security on assets except JPVL lenders' security over JPVL shares.
• Payments to secured financial creditors total INR 1,351.5 crores upfront plus deferred amounts.
• Unsecured financial creditors receive 9% of admitted claims; unsecured non-class creditors get NIL.
• Workmen and employees to receive minimum entitlement or INR 10 crores.
• YEIDA claims admitted at INR 1,067 crores; payment subject to Supreme Court proceedings.
• Homebuyers offered delivery or exit options with defined timelines and refund policies.
• Plan contemplates delisting of equity shares; public shareholders receive NIL exit price.
• No additional liabilities imposed on company or incoming investor beyond plan terms.

Financial Impact and Valuation

• Pre-CIRP net worth negative approx. INR (69,037) crores.
• Fair value of assets approx. INR 19,234 crores; liquidation value approx. INR 15,799 crores.
• Total realisable amount under plan approx. INR 14,084 crores (73% of fair value).
• Recovery rate approx. 26% for secured financial creditors, 9% for unsecured financial creditors.
• Overall realisation approx. 23% of total admitted claims.

Implementation and Monitoring

• Effective Date within 90 days from plan approval to implement acquisition structure.
• Monitoring Committee constituted with nominees from Designated Lender, RP, and Resolution Applicant.
• Monitoring Committee to supervise plan implementation and file monthly progress reports.
• Resolution Applicant may implement plan via SPVs or Adani entities as Implementing Entities.

Other Material Information

• Various waivers granted including environmental, statutory, and tax liabilities till Effective Date.
• Consents, licenses, approvals deemed valid for 24 months post Effective Date despite expiry.
• No coercive action against company or Resolution Applicant for pre-Effective Date non-compliances.
• PUFE applications to be pursued by CoC at secured creditors' cost; recovered proceeds pass-through.
• Judicial review limited to compliance with statutory requirements; commercial wisdom of CoC upheld.
• Several applications challenging plan dismissed or disposed of by tribunal.
• Resolution Professional discharged; records and premises handed over to Resolution Applicant.

Tribunal Approval Overview

• Resolution plan approved by relevant tribunal for Jaiprakash Associates Limited
• Adani Enterprises Limited is the successful resolution applicant

Key Features of the Approved Resolution Plan

• Corporate debtor's securities to be delisted from stock exchanges
• Pre-CIRP share capital, including equity and preference shares, will be cancelled
• Cancellation includes unallotted shares, convertible instruments, warrants, and rights
• Shareholders receive nil consideration and exit price is zero
• Effective Date for cancellation is within 90 days of tribunal approval