NCLAT appeal: Vedanta challenges NCLT approval of Adani bid for Jaiprakash Associates

Vedanta Group has moved the National Company Law Appellate Tribunal, challenging a tribunal order favouring Adani Enterprises Ltd. The appeal targets the National Company Law Tribunal approval of Adani’s Rs 14,535 crore plan. The plan seeks to take over Jaiprakash Associates Ltd through the insolvency process. Vedanta had also competed for the same acquisition.

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The appeal is listed for hearing on Monday before a two-member NCLAT bench. The bench comprises Chairperson Justice Ashok Bhushan and Member Technical Barun Mitra. Vedanta filed the case after the NCLT, Allahabad bench, cleared Adani’s plan. Jaiprakash Associates Ltd disclosed the NCLT order through a regulatory filing.

Jaiprakash Associates Ltd insolvency case and NCLT approval

On March 17, the NCLT, Allahabad bench, approved Adani Enterprises Ltd’s Rs 14,535 crore bid. The order related to Jaiprakash Associates Ltd’s corporate insolvency resolution process. In its filing, JAL said the bench "has orally pronounced an order on March 17, 2026 approving the resolution plan submitted by Adani Enterprises Ltd.\" The approved plan came after creditor voting.

Jaiprakash Associates Ltd bid results and creditor votes

A Committee of Creditors approved the Adani plan in November last year. Adani Enterprises had outbid Vedanta and Dalmia Bharat for JAL. Adani received the highest creditor support, with 89 per cent votes. Dalmia Cement Bharat and Vedanta Group followed behind in the voting outcome. The creditor decision later faced objections from Vedanta.

Jaiprakash Associates Ltd resolution plan evaluation under IBC

The committee of creditors defended the selection and cited compliance with Insolvency and Bankruptcy Code rules. Creditors argued that the process did not depend only on top value. They said bids were judged on cash offered, feasibility, and execution plans. Adani’s plan included around Rs 6,000 crore upfront. Payments were also faster, within two years.

Vedanta’s offer carried a longer payout schedule, stretching up to five years. Lenders also turned down a revised Vedanta proposal. They said it arrived after bidding closed. Accepting it would mean restarting the process. Creditors added that each bidder got equal opportunity and several chances to improve bids.

Jaiprakash Associates Ltd assets, projects and business interests

Jaiprakash Associates Ltd entered CIRP in June 2024 after loan defaults. The defaults covered loans aggregating Rs 57,185 crore. JAL holds interests in real estate, cement, hospitality, power, and engineering and construction. Real estate assets include Jaypee Greens in Greater Noida. A part of Jaypee Greens Wishtown in Noida is also included.

JAL also owns the Jaypee International Sports City near the upcoming Jewar International Airport. The company has three commercial or industrial office spaces in Delhi-NCR. Its hotel division has five properties across Delhi-NCR, Mussoorie, and Agra. These assets form part of the wider insolvency resolution discussion.

In cement, JAL has four plants in Madhya Pradesh and Uttar Pradesh. It also has a few leased limestone mines in Madhya Pradesh. The group holds investments in subsidiaries, including Jaiprakash Power Ventures Ltd and Yamuna Expressway Tolling Ltd. Other holdings include Jaypee Infrastructure Development Ltd and several other companies. The NCLAT appeal will test the approved resolution’s validity.

With inputs from PTI