New Delhi | May 26th, 2026: Shardul Amarchand Mangaldas & Co. (SAM) acted as legal advisor and counsel to Mr. Bhuvan Madan, Resolution Professional (“RP”) and subsequently Chairman of the Monitoring Committee (“MC”) of Jaiprakash Associates Limited (“JAL”), in relation to the Corporate Insolvency Resolution Process (“CIRP”) and implementation of the approved resolution plan of JAL. The approved resolution plan submitted by Adani Enterprises Limited (“AEL”) has an aggregate plan value of approximately INR 15,343 crore (approximately USD 1.6 billion) and JAL had admitted claims of approximately INR 60,771 crore (approx. USD 6.3 billion).
JAL is a diversified Indian conglomerate engaged in businesses including engineering & construction, real estate, cement, power, fertiliser, and hospitality. The CIRP of JAL was among the most significant and closely watched CIRPs in India, involving extensive multi-forum litigation, a large and diverse creditor base, substantial homebuyer interests, and interconnected group assets. The approved resolution plan provides for comprehensive stakeholder resolution across multiple business verticals and includes implementation arrangements involving entities such as Adani Power Limited, Adani Ports & Special Economic Zone Limited, and Adani Infra (India) Limited.
The SAM team advising the RP and Chairman of the MC was led by Anoop Rawat, National Practice Head — Restructuring & Insolvency, and Sagar Dhawan, Partner, Shreyas Gupta, Principal Associate; Aditya Marwah, Principal Associate; Arushi Chandra, Principal Associate; Ahkam Khan, Senior Associate; Varnika Taya, Senior Associate; Rashi Sharma, Senior Associate; Diksha Sharma, Associate; Ananya Khanna, Associate; and Aditi Rathore, Associate.
The firm’s litigation team advising on the matter comprised Anoop Rawat, National Practice Head — Restructuring & Insolvency; Misha, Partner; Sagar Dhawan, Partner; Vaijayant Paliwal, Partner; Shreyas Gupta, Principal Associate; Nikhil Mathur, Principal Associate; Aditya Marwah, Principal Associate; Prateek Gupta, Principal Associate; Prateek Yadav, Principal Associate; Ahkam Khan, Senior Associate; Udbhav Nanda, Senior Associate; Gaurav Arora, Senior Associate; Varnika Taya, Senior Associate; Rashi Sharma, Senior Associate; Kirti Gupta, Senior Associate; Rachna Dubey, Associate; Diksha Sharma, Associate; Ananya Khanna, Associate; and Aditi Rathore, Associate.
The real estate team comprised Rohit Bajaj, Partner, and Shridha Malhotra, Principal Associate.
The tax team comprised Sanjiv Malhotra, Partner; Rohit Garg, Partner; and Priyanka Jain, Principal Associate.
The team advising on SEBI and capital markets aspects comprised Yogesh Chande, Partner, and Preeti Kapany, Principal Associate.
