Jaypee Insolvency: Adani Group Sides with Lenders Against Vedanta’s Delayed Offer

In the Insolvency Proceedings of Jaiprakash Associates Ltd, the Adani Group has supported the Committee of Creditors (CoC) in opposing a revised offer from Vedanta Ltd submitted after the bidding process had closed, as per news reports. 

Before the National Company Law Appellate Tribunal (NCLAT), Adani’s counsel stated that the process followed under the Insolvency and Bankruptcy Code (IBC) adhered to prescribed timelines and procedures. 

Bidding Process and Rules 

Submissions before the tribunal indicated that several rounds of bidding were conducted, with each stage identifying the highest bidder. The process did not allow any revisions after the final deadline. 

The CoC maintained that all participants were given equal opportunity and were aware of the terms. It argued that allowing changes after closure would disrupt the process and affect fairness among bidders. 

Approved Resolution Plan 

Adani’s resolution plan, valued at ₹14,535 crore, received 93.8% approval from lenders in November 2025. The plan was subsequently cleared by the National Company Law Tribunal (NCLT) on March 17, 2026. 

The creditor group was led by National Asset Reconstruction Company Ltd with around 82% voting share. Other lenders included IDBI Bank, Axis Bank, State Bank of India and Bank of New York Mellon. 

Vedanta’s Objection 

Vedanta has challenged the outcome, stating that its revised bid of about ₹17,926 crore exceeds both Adani’s offer and the liquidation value of ₹15,799.53 crore. It argued that its proposal offered higher value in both gross terms and net present value. 

The company also raised concerns that the CoC did not sufficiently record reasons for selecting a lower-value bid. 

Proceedings Before Tribunal 

The resolution professional informed the NCLAT that Vedanta was not declared the highest bidder at any stage.  

Vedanta has also approached the Supreme Court seeking a stay on implementation of the resolution plan, after which the matter was sent back to the appellate tribunal. 

The case now centres on whether procedural timelines under the IBC can be revisited in favour of higher financial offers. 

Read More: BSE SME IPO Index Sees Significant 23% Increase in April After Previous Correction! 

Conclusion 

The appellate tribunal is examining the dispute, which involves the balance between adherence to process and consideration of revised bids submitted after the deadline. 

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