Homebuyers waiting for possession of properties booked with Jaiprakash Associates Limited (JAL) 15 years ago are hopeful for a swift resolution. This comes after the Supreme Court declined to stay the implementation of the Adani Group’s debt resolution plan of ₹14,500 crore.
The homebuyers’ association expressed concern over the prolonged legal proceedings and urged the Adani Group to complete the projects as promised in the resolution plan.
Mateen Wani, a retired government employee from Jammu & Kashmir who booked a plot in Jaypee Sports City years ago, stated, “Many buyers have been paying both EMI and rent for years with no clarity on when they will receive their property. Adani Group’s resolution plan benefits the homebuyers, and we are hopeful that once the legal issues are resolved, possession will finally be granted.”
Approximately 8,000 homebuyers across various JAL projects are expected to receive their properties within two years following the Adani Group’s takeover.
In developments like Jaypee Greens Wishtown in Noida, many apartments were booked in 2011, with several buyers having made substantial payments while numerous towers remain unfinished.
“We want the legal disputes settled, and preference to be given to buyers. We trust the Adani Group will manage the project professionally. In contrast, the other company, JIL, taken over by Suraksha Group, is grappling with administrative challenges and progress is lacking. We hope to avoid a similar scenario with JAL,” remarked another homebuyer, Pankaj Chopra.
On March 17, 2026, the Allahabad bench of the National Company Law Tribunal (NCLT) authorized Adani Enterprises’ ₹14,535 crore resolution plan for JAL, encompassing major real estate projects like Jaypee Greens and Jaypee International Sports City. JAL had entered insolvency after multiple defaults, marking one of India’s largest and most scrutinized bankruptcy cases.
Adani Group’s approved resolution plan allocates nearly ₹2,074 crore for homebuyer claims, allowing buyers to either receive their homes within two years or opt for a refund of the purchase price should they choose to withdraw. Additionally, it includes an equity infusion of ₹800 crore.
Last year, lenders backed the Adani Group’s resolution plan, turning down bids from various firms, including Dalmia Bharat and Jindal Power. The committee of creditors supported the plan with a 93.81% voting share, leading to NCLT’s approval on March 17.
Vedanta had initially bid ₹17,000 crore, proposing an upfront cash component of ₹4,000 crore, with the remainder payable over six years. Later, in a revised bid in November, it offered ₹16,726 crore, with ₹6,563 crore payable upfront and the rest over five years.
