NCLAT Upholds Adani’s ₹14,500-Crore Bid for JAL, Rejects Vedanta’s Challenge

The National Company Law Appellate Tribunal on May 4, 2026, dismissed appeals filed by Vedanta Ltd against the approval of Adani Enterprises Ltd as the successful bidder for Jaiprakash Associates Ltd (JAL), as per news reports. 

As per the news reports, the tribunal said there was no reason to interfere with the order passed earlier by the National Company Law Tribunal. 

The Bench, headed by Justice (Retd.) Ashok Bhushan, held that the arguments raised did not establish any flaw in the decision-making process. Both appeals were dismissed without further directions. 

Insolvency and Bidding Process 

JAL was admitted to insolvency proceedings in June 2024 after defaulting on loans exceeding ₹57,000 crore. The process attracted 28 expressions of interest, with 6 bidders moving to the final stage. 

Adani Enterprises and Vedanta emerged as the main contenders. Creditors voted in favour of Adani’s ₹14,535 crore resolution plan in November 2025, with a 93.81% majority. 

Dispute Over Bid Value 

Vedanta later submitted a revised proposal valued at ₹16,070 crore. Lenders declined to consider the revised offer, stating that it was submitted after the deadline. 

Vedanta argued that its plan offered higher value, including a reported ₹3,400 crore difference in gross terms and about ₹500 crore in net present value. It also questioned the evaluation criteria adopted by creditors. 

Tribunal’s Findings 

The tribunal said the Committee of Creditors had taken its decision based on overall assessment and commercial judgement. It noted that selection of a plan is not based only on headline value but also on factors such as feasibility and certainty of execution. 

It further recorded that no material irregularity was found in the conduct of the resolution process. The decision to not consider a late revised bid was also found to be consistent with the rules. 

Legal Proceedings and Status 

The NCLT had approved Adani’s plan in March, which was later challenged before the appellate tribunal. An earlier request for interim relief was declined, and the Supreme Court of India also did not grant a stay, while directing oversight on key decisions. 

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Conclusion 

The decision confirms the validity of the creditor-approved bid and closes the appellate stage. Further proceedings, if any, would shift to the Supreme Court. 

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