NEW DELHI — Adani Group’s resolution plan for Jaiprakash Associates Ltd. has received approval from the National Company Law Appellate Tribunal, which dismissed Vedanta’s challenge to the insolvency process.
A bench comprising Chairperson Justice Ashok Bhushan, Retd., and Technical Member Barun Mitra upheld the earlier order of the National Company Law Tribunal and said there were no grounds to interfere with the adjudicating authority’s decision.
The appellate tribunal also held that the Committee of Creditors was justified in rejecting Vedanta’s resolution plan. It observed that the committee’s decision during its 24th meeting on Nov. 14, 2025, not to consider Vedanta’s addendum was neither invalid nor untenable.
The NCLAT said there was no material irregularity in the resolution process and upheld the commercial wisdom of the Committee of Creditors.
“We do not find any ground to interfere with the order passed by the adjudicating authority,” the tribunal said.
Jaiprakash Associates was admitted into the corporate insolvency resolution process by the Allahabad bench of the NCLT on June 3, 2024. The company had entered insolvency after defaulting on loans exceeding 57,000 crore rupees.
Vedanta had challenged the approval of Adani Group’s 14,535 crore-rupee bid for Jaiprakash Associates, arguing that its own offer had a higher net present value of 12,505 crore rupees.
Earlier, the appellate tribunal had declined to grant an interim stay on the implementation of Adani Group’s resolution plan, while clarifying that steps taken under the plan would remain subject to the final outcome of Vedanta’s plea.
With Vedanta’s appeal now dismissed, the tribunal’s decision clears the way for implementation of Adani Group’s resolution plan for Jaypee. (Source: IANS)
