NCLAT Backs Adani Bid For Jaiprakash Associates; Rejects Vedanta Challenge

The insolvency resolution of Jaiprakash Associates Limited (JAL) has moved forward after the National Company Law Appellate Tribunal (NCLAT) upheld the approval of the Adani Group’s bid and dismissed objections raised by Vedanta Limited.

A Bench led by Justice (Retd) Ashok Bhushan, along with Technical Member Barun Mitra, affirmed the earlier ruling of the National Company Law Tribunal, stating that there was no basis to overturn the decision.

The appellate body also endorsed the actions of the Committee of Creditors (CoC), noting that its decision-making process remained valid.

The tribunal specifically observed that the CoC’s move during its November 14, 2025, meeting to decline consideration of an additional proposal did not suffer from any legal flaw. It further concluded that the resolution process was conducted without procedural lapses, reinforcing the principle that commercial decisions taken by creditors should not be interfered with lightly.

Vedanta had challenged the approval of Adani Group’s Rs 14,535 crore resolution plan, arguing that its own proposal offered a higher net present value of Rs 12,505 crore.

The appellate tribunal had earlier refused to halt the implementation of Adani’s plan while the matter was under review, clarifying that any progress would remain subject to the final verdict.

Jaiprakash Associates Limited entered insolvency proceedings in June 2024 after defaulting on loans exceeding Rs 57,000 crore, following admission by the Allahabad Bench of the NCLT.

With the dismissal of Vedanta’s appeal, the path is now clear for the execution of Adani Group’s resolution plan, marking a significant step in the restructuring of the debt-laden company.

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