NCLAT dismissed Vedanta’s appeal challenging the resolution process for Jaiprakash Associates
Adani Enterprises’ bid for JAL remains the approved resolution plan
Court finds no merit to interfere with NCLT’s earlier decision
Big blow to Vedanta as the National Company Law Appellate Tribunal (NCLAT) on Monday, May 4, dismissed its plea challenging the selection of Adani Enterprises’ resolution plan for debt-laden Jaiprakash Associates. The tribunal ruled that there were no grounds to interfere with the order of the National Company Law Tribunal (NCLT), which had already approved the resolution process.
A bench comprising Chairperson Ashok Bhushan and Technical Member Barun Mitra observed that the appeal lacked merit and stated that no orders were required in the matter, effectively dismissing both appeals. The tribunal also upheld the decision of the Committee of Creditors (CoC), which had rejected Anil Agarwal-led Vedanta’s bid during the insolvency process.
1 May 2026
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Tribunal Upholds CoC Decision
Jaiprakash Associates was admitted into the corporate insolvency resolution process in June 2024 following a petition by ICICI Bank. The company’s admitted claims exceeded ₹57,000 crore, with the National Asset Reconstruction Company Limited (NARCL) holding the largest voting share of over 85% in the CoC.
The CoC consisted of 27 members, including banks, financial institutions, and homebuyers. Out of 28 expressions of interest, six final bidders submitted resolution plans, including Vedanta, Adani Enterprises, Dalmia Cement, Jindal Power, PNC Infratech, and Jaypee Infratech.
Adani Emerges as Front-Runner
Following evaluation, Adani Enterprises emerged as the preferred bidder, ranking higher on parameters such as upfront recovery and overall value to creditors. In November 2025, the CoC approved Adani’s resolution plan with a 93.81% voting share, effectively clearing the way for implementation.
Vedanta later submitted an addendum to its offer on November 8, 2025, proposing a revised bid of ₹16,070 crore. However, the CoC refused to consider the revised proposal, citing bidding rules that prohibit post-process changes to financial bids.
Legal Battle and Final Ruling
Vedanta challenged the process, alleging lack of transparency and arguing that its revised offer would provide higher value to creditors. However, the CoC maintained that the revised bid was submitted after Vedanta became aware of the outcome of the evaluation process.
Earlier, in March 2025, NCLAT had declined to stay the implementation of Adani’s plan. Vedanta then approached the Supreme Court, which also dismissed the plea but directed that any major policy decisions by the monitoring committee must be placed before NCLAT for approval.
With the latest ruling, the tribunal has effectively cleared the way for the Adani-led resolution process to proceed without further legal obstruction.
