NCLAT Reserves Verdict on Vedanta Challenge to Adani Group’s JAL Resolution Plan

The National Company Law Appellate Tribunal (NCLAT) has reserved its order on appeals filed by Vedanta Ltd against the approval of Adani Enterprises’ resolution plan for Jaiprakash Associates Ltd. 

As per PTI reports, the bench, led by Ashok Bhushan with Technical Member Barun Mitra, concluded hearings after submissions from the resolution professional, lenders and the successful bidder.  

Parties have been asked to file brief written notes within 2 days. 

Issues Raised by Vedanta 

Vedanta has challenged the basis on which lenders selected the winning bid. It submitted an offer of ₹17,926 crore, higher than Adani Enterprises’ ₹14,535 crore proposal. 

Senior advocate Abhijeet Sinha argued that the evaluation matrix used by lenders lacked clarity and consistency.  

He stated that scoring mechanisms were treated as decisive despite not forming a binding framework, and questioned how value maximisation was assessed. 

Lenders Defend Selection Process 

The Committee of Creditors (CoC) maintained that the process complied with the Insolvency and Bankruptcy Code. It said the decision was based on multiple factors rather than headline bid value.  

According to lenders, upfront cash recovery, feasibility and implementation capability were key considerations. The resolution plan received 93.8% voting support in November 2025, with National Asset Reconstruction Company Ltd holding around 82% voting share. 

Insolvency Background and Assets 

Jaiprakash Associates entered the corporate insolvency resolution process in June 2024 after defaults totalling ₹57,185 crore. The company has operations across real estate, cement, power, and hospitality. 

Its assets include developments in Noida and Greater Noida, projects linked to the Yamuna Expressway, cement plants in Uttar Pradesh and Madhya Pradesh, and hotel properties in several cities. It also holds stakes in group entities. 

Earlier Proceedings and Court Directions 

The appellate tribunal had earlier declined to stay the plan approved by the National Company Law Tribunal in March 2026. Implementation was allowed to continue while appeals remained pending. 

The Supreme Court also declined to halt the process but directed that any major policy decisions by the monitoring committee require prior approval from the tribunal. 

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Conclusion 

The order will address objections relating to bid evaluation and the decision-making process followed by lenders in selecting the resolution plan. 

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