Vedanta Challenges NCLT Approval of Adani Bid for Jaiprakash Associates in NCLAT
Legal challenge sets stage for fresh scrutiny of ₹14,535 crore insolvency resolution
NEW DELHI, March 23: The Vedanta Group has approached the National Company Law Appellate Tribunal (NCLAT), contesting the approval granted by the National Company Law Tribunal (NCLT) to Adani Enterprises Ltd for acquiring Jaiprakash Associates Ltd (JAL) through an insolvency resolution process.
The move comes days after the NCLT’s Allahabad bench cleared Adani Enterprises’ ₹14,535 crore resolution plan on March 17, following approval by lenders last November. Vedanta, led by Anil Agarwal, had also been a contender in the bidding process but lost out after Adani secured the highest support from creditors.
According to filings, the Committee of Creditors (CoC) had backed Adani’s proposal with an overwhelming 89 per cent vote share, placing it ahead of rival bids from Vedanta and Dalmia Bharat Ltd.
The appellate tribunal is scheduled to hear the matter on Monday before a bench headed by Justice Ashok Bhushan. Vedanta’s appeal challenges the tribunal’s decision to approve the resolution plan, potentially opening the door for a re-evaluation of the bidding process.
JAL, which entered the Corporate Insolvency Resolution Process (CIRP) in June 2024 after defaulting on loans exceeding ₹57,000 crore, holds a diverse portfolio of assets across real estate, cement, hospitality, power, and infrastructure sectors.
Its key holdings include premium real estate developments in Noida and Greater Noida, large-scale infrastructure projects near the upcoming Jewar airport, cement plants in Uttar Pradesh and Madhya Pradesh, as well as stakes in multiple subsidiary firms.
The outcome of the appeal is expected to be crucial in determining the final ownership of JAL’s extensive asset base and could influence ongoing high-value insolvency proceedings in India.
