The National Company Law Appellate Tribunal (NCLAT) on Tuesday refused to halt a resolution plan for Jaiprakash Associates Limited (JAL) approved in favour of Adani Enterprises.
A Bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra declined to grant any interim relief at this stage, stating that the matter would require a detailed consideration.
The tribunal observed that the issues raised cannot be decided immediately and would have to be examined after hearing all sides. It, however, clarified that implementation of the resolution plan would remain subject to the outcome of the appeal.
The tribunal was hearing an appeal filed by Vedanta Limited. Jaiprakash Associates, a debt-laden infrastructure conglomerate was admitted into insolvency by the Allahabad Bench of the National Company Law Tribunal (NCLT) on June 3, 2024, on a petition filed by ICICI Bank.
The total admitted claims against the company stood at over ₹57,000 crore with the National Asset Reconstruction Company Limited (NARCL) emerging as the largest financial creditor, holding more than 85 per cent voting share in the committee of creditors (CoC).
The CoC itself comprised 27 members, including major banks and financial institutions as well as a class of homebuyers.
A total of 28 expressions of interest were received of which 25 prospective resolution applicants were shortlisted.
Eventually, six bidders submitted resolution plans, including Adani Enterprises Limited, Vedanta Limited, Dalmia Cement (Bharat) Limited, Jindal Power Limited, PNC Infratech Private Limited and Jaypee Infratech Limited.
Adani Enterprises and Vedanta later emerged as the leading contenders. Independent evaluation placed Adani’s plan ahead on overall scoring, particularly on upfront recovery and overall financial value. In its 23rd meeting held in November 2025, the CoC approved Adani Enterprises’ resolution plan with a 93.81 per cent voting share.
After the conclusion of the challenge process and submission of final plans, Vedanta submitted an addendum to its resolution plan on November 8, 2025.
The CoC, however, declined to consider this addendum on the ground that the bidding framework expressly prohibited any post-process modification of financial proposals.
Vedanta has now challenged the decisions.
During the hearing of its plea on Tuesday, Senior Advocate Abhijit Sinha argued that the resolution process suffered from lack of transparency and failed to adequately prioritise value maximisation.
The company contended that its offer was significantly higher than that of Adani.
“₹16,070 crores is being offered. This is not a question of a small gap,” Sinha said.
A key grievance in the case related to the CoC’s refusal to consider the addendum submitted by Vedanta after the conclusion of the bidding process. The company argued that the addendum was clarificatory and aimed at improving value for creditors.
On the other hand, the CoC maintained that the addendum was submitted after Vedanta became aware that its upfront payment was lower than that of the successful resolution applicant.
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