NCLAT Rejects Vedanta's Stay Plea on Adani's ₹14,535 Crore Jaiprakash Resolution Plan

The National Company Law Appellate Tribunal (NCLAT) has declined to grant an interim stay on the implementation of Adani Group’s resolution plan for Jaiprakash Associates Ltd (JAL). 

This decision comes despite Vedanta Group's objections, which claimed their bid was financially superior. 

NCLAT Decision Amidst Vedanta's Challenge 

On March 24, 2026, the NCLAT delivered its order on Vedanta's appeal challenging the approval of Adani's ₹14,535 crore bid for JAL.  

Vedanta contended that their offer carried a higher net present value (NPV) of ₹12,505 crore. 

 However, the appellate tribunal confirmed that any actions taken under Adani's plan are subject to the final outcome of Vedanta’s plea. 

Vedanta's Argument on NPV 

During the hearing, Vedanta argued that their proposal exceeded Adani's bid by at least ₹1,000 crore in NPV terms.  

They emphasised that the Insolvency and Bankruptcy Code (IBC) aims to maximise asset value, implying that the Committee of Creditors’ (CoC) approval of a lower offer contradicted the fundamental principles of the IBC. 

Background of the Resolution Process 

JAL entered the corporate insolvency resolution process in June 2024 after defaulting on loans exceeding ₹57,000 crore.  

The company holds a varied portfolio, including real estate, cement, power, hospitality, and infrastructure assets. 

Key properties under JAL include Jaypee Greens projects in Noida and Greater Noida, Jaypee International Sports City, and cement plants in Uttar Pradesh and Madhya Pradesh. 

Read More: NCLT Approves Withdrawal of Insolvency Proceedings for ATS Knightsbridge Project!  

Market Reaction and Stakeholder Responses 

Vedanta continues to object to Adani’s plan, having alleged procedural flaws in the CoC's decision-making process.  

Adani had previously received significant backing, with 89% creditor approval secured in November.  

Meanwhile, Vedanta's shares experienced an upward movement, trading at ₹655.70 as of 12:52 pm on the same day, reflecting a 1.54% increase. 

Conclusion 

The NCLAT decision allows Adani's ₹14,535 crore resolution plan for JAL to proceed, pending final judgment. This ongoing dispute highlights the complexities in evaluating resolution plans under the IBC framework, particularly concerning the maximisation of asset value. 

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