Shardul Amarchand Mangaldas & Co. has acted as legal advisor and counsel to Bhuvan Madan, Resolution Professional and subsequently Chairman of the Monitoring Committee of Jaiprakash Associates Limited (JAL), in relation to the Corporate Insolvency Resolution Process (CIRP) and implementation of the approved resolution plan of JAL.
Jaiprakash Associates Limited’s CIRP was admitted by the National Company Law Tribunal (NCLT) Allahabad bench on June 3, 2024, on a petition filed by ICICI Bank. Adani Enterprises Limited emerged as the successful resolution applicant, with NCLT orally pronouncing approval of its resolution plan on March 17, 2026.
The approved resolution plan submitted by Adani Enterprises Limited (AEL) has an aggregate plan value of approximately INR 15,343 crore and JAL had admitted claims of approximately INR 60,771 crore.
Recently, the National Company Law Appellate Tribunal (NCLAT) dismissed two petitions filed by Vedanta Limited challenging Adani Enterprises’ selection as the resolution applicant for JAL, not just a general CoC challenge. A two-member bench comprising Chairperson Ashok Bhushan and member Barun Mitra held that “no grounds have been made out by the appellant to interfere with the decision of the adjudicating authority” and that the CoC’s decision was taken in its “commercial wisdom” with “no material irregularity committed by the Resolution Professional”.
The SAM team advising the RP and Chairman of the MC was led by national practice head – restructuring & insolvency Anoop Rawat, and partner Sagar Dhawan, principal associates Shreyas Gupta, Aditya Marwah and Arushi Chandra, senior associates Ahkam Khan, Varnika Taya and Rashi Sharma, and associates Diksha Sharma, Ananya Khanna and Aditi Rathore.
The firm’s litigation team advising on the matter comprised national practice head – restructuring & insolvency Anoop Rawat, partners Misha, Sagar Dhawan and Vaijayant Paliwal, 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 and principal associate Shridha Malhotra.
The tax team comprised partners Sanjiv Malhotra and Rohit Garg and principal associate Priyanka Jain.
The team advising on SEBI and capital markets aspects comprised partner Yogesh Chande and principal associate Preeti Kapany.
