Homebuyers, who have been waiting for possession of Jaiprakash Associates Limited (JAL),properties booked 15 years ago, are hoping for a quick resolution after the Supreme Court refused to stay the implementation of the Adani Group's Rs 14,500 crore debt resolution plan.
The association of homebuyers said that the legal case has continued for long and they want the Adani Group to complete the projects as per the resolution plan.
“There are buyers who have been paying both EMI (equated monthly instalments) and rent for many years, and still there is no clarity on when they will get the flat or plot. Adani Group’s resolution plan favours the homebuyers, and we hope that once all the legal hurdles are removed, we will finally get possession,” said Mateen Wani, a retired Jammu & Kashmir government employee who had booked a plot in Jaypee Sports City about 15 years ago.
Also read: SC refuses to interfere with order allowing Adani to acquire Jaiprakash Associates in blow to Vedanta
There are about 8,000 homebuyers across multiple JAL projects. They are expected to get delivery within two years of the Adani Group taking over.
In projects such as Jaypee Greens Wishtown in Noida, many apartments were booked around 2011. Many buyers have already made substantial or full payments, and several towers remain incomplete.
“We want the legal issues to end and buyers should be given preference. We expect the Adani Group to develop the project professionally. The other company, JIL, which was taken over by the Suraksha Group, is facing challenges of professional administration and there is no visible progress. We don’t want the same to happen with JAL,” said Pankaj Chopra, another homebuyer.
On March 17, 2026, the Allahabad bench of the National Company Law Tribunal (NCLT) approved Adani Enterprises’ Rs 14,535 crore resolution plan for JAL, whose assets include major real estate projects such as Jaypee Greens and Jaypee International Sports City. JAL had entered insolvency after a series of defaults, making it one of India’s largest and most closely watched bankruptcy cases.
Adani Group’s approved plan earmarked nearly Rs 2,074 crore for homebuyer claims and offered buyers a clear choice – either they can opt for delivery of their homes within two years or seek a refund of the actual purchase price paid if they choose to exit. The plan also included Rs 800 crore of fresh equity infusion.
Also read: Vedanta moves Supreme Court seeking stay on Adani’s takeover of Jaiprakash Associates
Last year, the lenders had approved the resolution plan put forth by the Adani Group, rejecting bids from various companies, including Dalmia Bharat and Jindal Power. The committee of creditors had approved the plan with a 93.81% voting share, and the NCLT’s Allahabad bench approved it on March 17.
Vedanta had submitted an initial bid of Rs 17,000 crore, involving upfront cash component of Rs 4,000 crore and the rest payable over six years. Later, in a revised bid in November, it offered a total of Rs 16,726 crore, of which Rs 6,563 crore was to be paid upfront and the rest payable over five years.
The association of homebuyers said that the legal case has continued for long and they want the Adani Group to complete the projects as per the resolution plan.
“There are buyers who have been paying both EMI (equated monthly instalments) and rent for many years, and still there is no clarity on when they will get the flat or plot. Adani Group’s resolution plan favours the homebuyers, and we hope that once all the legal hurdles are removed, we will finally get possession,” said Mateen Wani, a retired Jammu & Kashmir government employee who had booked a plot in Jaypee Sports City about 15 years ago.
Also read: SC refuses to interfere with order allowing Adani to acquire Jaiprakash Associates in blow to Vedanta
There are about 8,000 homebuyers across multiple JAL projects. They are expected to get delivery within two years of the Adani Group taking over.
In projects such as Jaypee Greens Wishtown in Noida, many apartments were booked around 2011. Many buyers have already made substantial or full payments, and several towers remain incomplete.
“We want the legal issues to end and buyers should be given preference. We expect the Adani Group to develop the project professionally. The other company, JIL, which was taken over by the Suraksha Group, is facing challenges of professional administration and there is no visible progress. We don’t want the same to happen with JAL,” said Pankaj Chopra, another homebuyer.
On March 17, 2026, the Allahabad bench of the National Company Law Tribunal (NCLT) approved Adani Enterprises’ Rs 14,535 crore resolution plan for JAL, whose assets include major real estate projects such as Jaypee Greens and Jaypee International Sports City. JAL had entered insolvency after a series of defaults, making it one of India’s largest and most closely watched bankruptcy cases.
Adani Group’s approved plan earmarked nearly Rs 2,074 crore for homebuyer claims and offered buyers a clear choice – either they can opt for delivery of their homes within two years or seek a refund of the actual purchase price paid if they choose to exit. The plan also included Rs 800 crore of fresh equity infusion.
Also read: Vedanta moves Supreme Court seeking stay on Adani’s takeover of Jaiprakash Associates
Last year, the lenders had approved the resolution plan put forth by the Adani Group, rejecting bids from various companies, including Dalmia Bharat and Jindal Power. The committee of creditors had approved the plan with a 93.81% voting share, and the NCLT’s Allahabad bench approved it on March 17.
Vedanta had submitted an initial bid of Rs 17,000 crore, involving upfront cash component of Rs 4,000 crore and the rest payable over six years. Later, in a revised bid in November, it offered a total of Rs 16,726 crore, of which Rs 6,563 crore was to be paid upfront and the rest payable over five years.
