Big groups buying stressed assets
Large Indian conglomerates are increasingly acquiring assets through the insolvency process, with Adani named among the most active buyers in recent IBC auctions. The shift is creating deal flow for bidders and advisory demand for due diligence and post‑acquisition integration. (Mintnl on Substack)
India’s biggest conglomerates are using bankruptcy court as a deal pipeline, not just a cleanup venue. Adani has been among the busiest buyers in recent Insolvency and Bankruptcy Code cases. (economictimes.indiatimes.com) In India, the Insolvency and Bankruptcy Code, or IBC, lets lenders push a defaulting company into a court-run sale or restructuring process. By December 31, 2024, 8,175 corporate insolvency cases had been admitted under the law. (pib.gov.in) That pipeline is large enough to attract strategic buyers, not just turnaround funds. The Insolvency and Bankruptcy Board of India listed fresh liquidation auction notices as recently as April 16, 2026, including Konaseema Gas Power’s auction scheduled for May 8, 2026. (ibbi.gov.in) Adani’s recent wins show how the route works in practice. Adani Power’s ₹4,101 crore plan for Lanco Amarkantak Power was approved by the National Company Law Tribunal in August 2024, and CARE said the company was acquired on September 6, 2024 through the insolvency process. (careratings.com) In real estate, Adani Properties won approval in June 2025 to buy two Housing Development and Infrastructure Ltd. assets in Mumbai’s insolvency case. The approved resolution amounts were ₹3 crore for the Bandra-Kurla Complex project and ₹64 crore for the Shahad-Maharal land parcel, against HDIL liabilities of about ₹7,800 crore. (ipaicmai.in) In power, the group also pursued Coastal Energen through a consortium with Dickey Alternative Investment Trust. That ₹3,335 crore resolution plan was approved by the National Company Law Tribunal in August 2024, then temporarily stayed by the appellate tribunal before the Supreme Court later set that stay aside. (dtnext.in) (ndtvprofit.com) The buyer list is broader than Adani. Jaiprakash Associates drew 26 expressions of interest in March 2025, including Adani, Vedanta, JSW, Welspun, Dalmia Bharat, Oberoi Realty and Oaktree Capital. (insolvencytracker.in) That competition reflects what buyers are chasing: operating plants, urban land banks and permits that are hard to assemble from scratch. Economic Times reported in January 2026 that developers were increasingly using the IBC route to buy prime urban land with cleaner title and approvals. (economictimes.indiatimes.com) The process still comes with delays and litigation. As of December 31, 2024, 2,707 corporate debtors had gone into liquidation, while 1,119 had been rescued through approved resolution plans and creditors had realized ₹3.58 lakh crore in those resolved cases. (pib.gov.in) Regulators are tightening the rules as bigger bidders show up. In December 2025, the Insolvency and Bankruptcy Board of India moved to require fuller documentation on bidder eligibility under Section 29A, the provision that bars certain disqualified applicants from bidding. (economictimes.indiatimes.com) Parliament has also kept revising the framework. India’s Insolvency and Bankruptcy Code Amendment Act, 2026 received presidential assent on April 6, 2026, the latest sign that the government still sees the system as a central channel for resolving bad loans and transferring stressed assets to new owners. (msn.com) For lawyers, bankers and consultants, that means more work before and after the auction. For India’s biggest groups, it means the bankruptcy docket has become one of the country’s busiest marketplaces for power plants, land and industrial capacity. (pwc.com)
