The national company law appellate tribunal (NCLAT) on Monday dismissed an appeal filed by Vedanta Ltd challenging the approval of Adani Enterprises Ltd’s resolution plan for debt-laden Jaiprakash Associates Ltd (JAL), effectively clearing the way for implementation of the plan under the Insolvency and Bankruptcy Code (IBC).
A bench led by chairperson Ashok Bhushan and technical member Barun Mitra upheld the earlier order of the national company law tribunal (NCLT), finding no merit in Vedanta’s objections and endorsing the decision of the committee of creditors (CoC).
“We do not find any ground to interfere with the order passed by the adjudicating authority,” the appellate tribunal says, while holding that the CoC was justified in rejecting Vedanta’s resolution plan and declining to consider its revised offer submitted after the bidding process had concluded.
Jaiprakash Associates entered insolvency proceedings in June 2024 following a petition by ICICI Bank, with admitted claims exceeding ₹57,000 crore. The case is among the largest ongoing insolvency proceedings in the country. The creditor body, comprising 27 members including lenders and homebuyers, was dominated by National Asset Reconstruction Company Ltd (NARCL), which held over 85% voting share.
The resolution process drew strong interest, with 28 expressions of interest and six final bidders, including Adani Enterprises, Vedanta, Dalmia Cement (Bharat) Ltd, Jindal Power Ltd and others. Adani and Vedanta eventually emerged as the leading contenders.
Following the evaluation, Adani’s plan, valued at about ₹14,535 crore, scored higher, particularly on upfront cash recovery and execution certainty. In November 2025, the CoC approved the Adani plan with a 93.81% voting share.
Vedanta had challenged this outcome, alleging lack of transparency and arguing that its revised offer—pegged at over ₹16,000 crore and with higher net present value—would have delivered better returns to creditors. It also contested the CoC’s refusal to consider an addendum submitted after the conclusion of the bidding process.
However, the CoC maintained that the addendum was submitted only after Vedanta became aware that its upfront offer was lower than that of Adani, and that allowing such post-process modifications would compromise the integrity of the resolution framework.
NCLAT agreed with this position, observing that the decision taken in the CoC’s meeting in November 2025 to reject the addendum was neither invalid nor untenable. It further noted that no material irregularity had occurred in the conduct of the resolution process and reaffirmed the primacy of the CoC’s commercial wisdom under the IBC.
The ruling comes after a series of legal challenges by Vedanta. Earlier, NCLAT had declined to grant an interim stay on the implementation of Adani’s plan, stating that the issues raised required detailed examination. Vedanta subsequently approached the Supreme Court seeking a halt to the process.
The apex court refused to stay the implementation but directed that any major policy decisions by the monitoring committee must receive prior approval from the NCLAT. It also asked the appellate tribunal to hear the matter expeditiously.
With the dismissal of Vedanta’s appeal, the appellate tribunal has now effectively concluded the dispute, allowing the resolution plan to move forward.
The focus now shifts to implementation, as the Adani group moves to take control of Jaiprakash Associates and execute the resolution plan in one of India’s most closely watched insolvency cases.
You may also want to read...
Litigation Has Gone Too Far: Supreme Court Dismisses Appeal against Glass Trust’s Inclusion in Byju’s CoC
SN Thyagarajan (Bar
and
Bench)
04 May 2026
The Supreme Court on Monday upheld the National Company Law Appellate Tribunal (NCLAT) ruling that restored the original Committee of Creditors (CoC), including Glass Trust Company LLC as a financial creditor, in the insolvency...
Business This Week
Moneylife Digital Team
30 April 2026
India has ramped up crude imports to offset disruptions caused by the United States (US)-Israel strikes on Iran which have choked traffic through the Strait of Hormuz. Russian crude remains the primary backstop, with Indian refiners...
From E20 to E100: Govt Draft Norms Pave Way for 100% Ethanol, Biodiesel-powered Vehicles
Moneylife Digital Team
29 April 2026
The Union government has proposed a significant expansion of India’s fuel framework by introducing higher ethanol and biodiesel blends, including up to 100% ethanol (E100) and 100% biodiesel (B100), as part of amendments to the...
Indian Oil Consortium Strikes Oil in Libya: Fresh Discovery Boosts India’s Global Energy Push
Moneylife Digital Team
28 April 2026
Indian Oil Corporation Ltd (Indian Oil) has announced a fresh oil and gas discovery in Libya, marking a significant milestone in its overseas exploration portfolio and strengthening India’s global energy ambitions.
The discovery...
