Vedanta Challenges NCLT Nod To Adani’s Rs 14535 Cr Bid For JAL
The matter is scheduled to be heard on Monday by a two-member bench led by Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra: Reports
MUMBAI: Anil Agarwal led Vedanta Group has moved the National Company Law Apellate 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 Enterprise's Rs 14535 crore bid to acquire JAL while rejecting Vedanta's objections.
In a regulatory filing, JAL had informed that the NCLT, Allahabad bench, has “orally pronounced an order on March 17, 2026” approving the resolution plan submitted by Adani Enterprises Ltd.
Vedanta, which was also in the race to acquire JAL, has argued that its offer was financially better and that lenders ignored it unfairly. The lenders on the other hand have said that the process was fully legal and such commercial decisions are for the committee of creditors to take.
The matter is scheduled to be heard on Monday by a two-member bench led by Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra.
In November last year, a Committee of Creditors (CoC) approved the resolution plan by business tycoon Gautam Adani to acquire JAL. Adani Enterprises had outbid Vedanta and Dalmia Bharat to win the bid for JAL. Adani got the maximum 89 per cent votes from creditors, followed by Dalmia Cement (Bharat) and Vedanta Group.
JAL, which has high-quality assets and business interests spanning real estate, cement manufacturing, hospitality, power and engineering and construction, was admitted to the CIRP in June 2024 after it defaulted on payments of loans aggregating ₹57,185 crore.
According to reports, Vedanta has claimed that 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. 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. Vedanta then submitted a revised offer in November 2025 in which it proposed around Rs 6,563 crore in upfront cash and an equity infusion of Rs 800 crore. But lenders rejected this revised bid as it came after the formal deadline and accepting it would require them to restart the whole bidding process.
