National Company Law Appellate Tribunal on Monday rejected Anil Agarwal-led Vedanta plea against approval of the lower bid amount of Adani Enterprises for Jaiprakash Associates, under bankruptcy proceedings.

In all probability, Vedanta will move the Supreme Court against NCLAT decision, according to legal circles.

Adani Enterprises bid was approved by the Committee of Creditors on the basis of higher upfront payment. Subsequently, Vedanta had also increased its upfront payment but it was rejected by CoC.

Following CoC recommendations, NCLT also approved Adani’s bid for Jaiprakash Associates.

Vedanta has claimed that lenders had violated the principle of maximising value through a fair process. The company had emerged as the highest bidder with an offer of ₹12,506 crore on a net present value (NPV) basis.

Despite this, lenders approved a rival plan which, according to Vedanta, was lower by about ₹3,400 crore in total value and ₹500 crore in NPV. The company also alleged procedural unfairness, saying it was not given reasons or an opportunity to clarify its proposal.

Vedanta moved the NCLAT against NCLT approval of Adani’s lower bid.

On Monday, the Bench comprising Chairperson Justice (retired) Ashok Bhushan and Technical Member Barun Mitra held that the Committee of Creditors were right in rejecting Vedanta’s resolution plan.

JAL was admitted into the corporate insolvency resolution process by the Allahabad Bench of the National Company Law Tribunal in 2024, on a petition filed by ICICI Bank.

The company had admitted claims exceeding ₹57,000 crore, with the National Asset Reconstruction Company emerging as the largest financial creditor, holding over 85 per cent voting share in the committee of creditors.

Published on May 4, 2026