Vedanta Challenges Against Adani’s JAL Resolution Plan Over Evaluation Flaws

Vedanta Group has raised objections to the approval of Adani Group’s resolution plan for Jaiprakash Associates Ltd, arguing that the Committee of Creditors (CoC) followed an inconsistent evaluation approach, as per news reports. 

In submissions before the National Company Law Appellate Tribunal, the company stated that the scoring process did not align with the parameters initially communicated to bidders. 

It argued that the final outcome placed lower-value bids above higher offers, including its own. 

Value Comparison and Creditor Recovery 

Vedanta claimed its proposal of about ₹17,926 crore exceeded both the approved plan and the liquidation benchmark of ₹15,799.53 crore. In contrast, the Adani plan, valued at ₹14,535 crore, was approved despite being below the estimated liquidation value. 

The company told the tribunal that its bid offered around ₹3,400 crore more in gross value and roughly ₹500 crore higher net present value. It argued that this difference was not adequately reflected in the final scoring or decision-making process. 

Concerns Over Transparency and Process 

Vedanta questioned the transparency of the scoring mechanism, stating there was no clear linkage between evaluation criteria and the marks assigned.  

It described the assessment as largely mechanical, with limited consideration of the underlying strengths of competing bids. 

The company also pointed to the treatment of bid revisions, saying that an addendum clarifying payment timelines was not considered, despite being within the process framework. According to Vedanta, the CoC had discretion to seek clarifications or allow limited changes but did not exercise it. 

Role Of Creditors and Voting Outcome 

The CoC approved Adani’s resolution plan in November 2025 with 93.8% voting support. National Asset Reconstruction Company Ltd held a majority share of about 82%, alongside lenders such as State Bank of India, IDBI Bank and Axis Bank. 

The plan was later cleared by the National Company Law Tribunal’s Allahabad bench in March 2026. 

Read More: SEBI Appoints KV Ramana Murty as its Fourth Whole-Time Member! 

Conclusion 

Vedanta has challenged the approval before appellate forums and the Supreme Court, with the matter currently under review and further hearings scheduled. 

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