The National Company Law Appellate Tribunal (NCLAT) has upheld Adani Group’s ₹14,535-crore resolution plan for Jaiprakash Associates and rejected the challenge of Anil Agarwal-led Vedanta.
The NCLAT bench, comprising of Chairperson Ashok Bhushan and Member Technical Barun Mitra, held that no grounds had been made out to interfere with the order of the National Company Law Tribunal (NCLT), which had approved the resolution process.
The Tribunal also upheld the decision of the Committee of Creditors (CoC) and said the decision was taken in the exercise of “commercial wisdom” after an overall evaluation of resolution plans.
Vedanta sent an addendum on November 8, 2025, after it had already submitted its final resolution plan on October 14, 2025. The NCLAT said this addendum was not just a clarification — it changed / modified the plan. Since it was a modification, the CoC was justified in not considering it at the 24th CoC meeting on November 14, 2025, said the Tribunal, adding that the decision was neither invalid nor untenable.
No valid reason
It further held that there was no material irregularity by the Resolution Professional in how the process was conducted. “So, the Court found no valid reason to interfere with the earlier order approving the process outcome, and therefore dismissed Vedanta’s appeal,” it said.
The CoC’s decision to approve Adani Enterprises’ plan could not be termed arbitrary or perverse, even though Vedanta had claimed its offer was higher by about ₹3,400 crore in gross value and around ₹500 crore in net present value terms, it said.
Adani Enterprises had placed a ₹14,535-crore bid for the bankrupt infrastructure giant and it was approved by the NCLT in March.
While accepting Vedanta’s petition for hearing, the NCLAT refused to grant an interim stay on the NCLT order, while noting that the resolution would remain subject to the outcome of the appeals. The Supreme Court also refused to stay NCLAT decision, but ordered to execute the deal only after hearing Vedanta’s appeal.
Jaiprakash Associates was admitted into the Corporate Insolvency Resolution Process in June, 2024 after defaulting on loans worth ₹57,185 crore.
The company has diversified assets spanning real estate, cement, hospitality, power and infrastructure. It also operates cement plants in Madhya Pradesh and Uttar Pradesh and holds investments in several subsidiaries including Jaypee Power Ventures and Yamuna Expressway Tolling.
Published on May 4, 2026