Vedanta vs Adani: Vedanta Challenges Adani Enterprises’ Jaiprakash Associates Resolution Plan After NCLT Nod

Vedanta Ltd has moved the National Company Law Appellate Tribunal (NCLAT) against the approval of Adani Enterprises Ltd's resolution plan for bankrupt Jaiprakash Associates Ltd (JAL). The appeal challenges the March 17 order of the Allahabad bench of the National Company Law Tribunal (NCLT), which had approved Adani's bid and rejected Vedanta's objections.

Vedanta Challenges Adani Enterprises' Jaiprakash Associates Resolution Plan in NCLAT

The case is important because it is not just about who gets control of JAL, but also about how lenders are supposed to judge value under India's Insolvency and Bankruptcy Code (IBC). Vedanta has argued that its offer was financially better and that lenders ignored it unfairly.

The lenders, on the other hand, have said the process was fully legal and that such commercial decisions are for the committee of creditors to make.

Vedanta Alleges Adani Resolution Plan Delivers Lower Value Despite Higher Figure

Vedanta has claimed that the main dispute is over how the bids were evaluated. According to the company, it had emerged as the highest bidder on a net present value (NPV) basis, which measures the present worth of future payments. Even so, lenders approved Adani Enterprises' Rs 14,543 crore resolution plan.

Vedanta has argued that while Adani's offer looked higher in headline terms, it was actually weaker after adjusting for the timing of payments. The company has said its own plan offered stronger value and better recovery for creditors. It has even alleged that the process amounted to a "commercial conspiracy" and has asked for its proposal to be reconsidered.

The company also said the process lacked transparency. Vedanta has complained that it was not given full reasons for why its bid was rejected and was not allowed a proper opportunity to explain or improve its offer. According to Vedanta, this raises questions about whether the bidding process was fair.

Adani vs Vedanta: Why Lenders Preferred Adani's JAL Resolution Plan Over Vedanta

According to the committee of creditors, bids are not judged only on the total value offered. Other factors are also important, such as how much money is paid upfront, how quickly the payments will be made, whether the plan is practical, and how certain its execution is.

On these points, lenders found Adani's plan more attractive. Adani Enterprises offered around Rs 6,000 crore upfront and promised faster payments within about two years. Vedanta's proposal, by comparison, involved payments spread over as long as five years, which lenders considered more risky.

Vedanta had also submitted a revised offer in November 2025. In that plan, it proposed around Rs 6,563 crore in upfront cash and an equity infusion of Rs 800 crore. But lenders rejected this revised bid because it came after the formal deadline. They said accepting it would have required restarting the whole bidding process.

What the NCLT Said

The NCLT agreed with the lenders and upheld Adani's plan in its March 17 ruling. The tribunal said the "commercial wisdom" of the committee of creditors is final unless there is a clear violation of law. It also ruled that Vedanta had no legal right to be selected simply because it believed its bid had a higher NPV.

The tribunal further held that Vedanta's revised bid could not be considered because it was submitted after the deadline. It found no legal fault in the way the process had been conducted.

Know About Jaiprakash Associates

This insolvency battle has drawn major attention because Jaiprakash Associates owns a large and valuable asset base. One of its biggest strengths is its land bank of nearly 4,000 acres spread across Noida, Greater Noida and the Yamuna Expressway area.

Its portfolio includes major real estate projects such as Jaypee Greens and Jaypee International Sports City, which are located near the upcoming Noida International Airport. The company also has hotels, commercial properties and cement capacity of about 6.5 million tonnes.

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