Vedanta Challenges Adani Bid for Jaiprakash Associates in NCLAT

Vedanta Group has approached the National Company Law Appellate Tribunal (NCLAT) to contest the approval of Adani Group's ₹14,535 crore bid to acquire Jaiprakash Associates Ltd (JAL) through an insolvency process, as per PTI reports. 

Vedanta's Appeal Against Adani's Bid 

As per the report, Anil Agarwal-led Vedanta Group, which was initially in the race to acquire JAL, has filed an appeal against the National Company Law Tribunal's (NCLT) decision.  

On March 17, 2026, the NCLT, Allahabad bench, approved Adani Enterprises Ltd's resolution plan to acquire JAL. Vedanta's appeal is scheduled for hearing before a 2-member bench at NCLAT. 

Background of the Acquisition Process 

In November last year, the Committee of Creditors (CoC) approved Adani Enterprises Ltd's bid, which received 89% of the votes from creditors. Adani outbid Vedanta and Dalmia Bharat in the process.  

JAL, with assets in real estate, cement manufacturing, hospitality, power, and engineering, was admitted to the Corporate Insolvency Resolution Process (CIRP) in June 2024 after defaulting on loans amounting to ₹57,185 crore. 

JAL's Asset Portfolio 

JAL's portfolio includes major real estate projects like Jaypee Greens in Greater Noida and Jaypee International Sports City near the upcoming Jewar International Airport.  

It also owns commercial spaces in Delhi-NCR and hotels in Delhi-NCR, Mussoorie, and Agra.  

Additionally, JAL operates cement plants in Madhya Pradesh and Uttar Pradesh and holds investments in subsidiaries such as Jaiprakash Power Ventures Ltd and Yamuna Expressway Tolling Ltd. 

Read More: Vedanta Share Price in Focus; Board to Consider Third Interim Dividend on March 23! 

Conclusion 

Vedanta's challenge to Adani's bid for Jaiprakash Associates Ltd highlights the competitive nature of the acquisition process. The outcome of this appeal in NCLAT will be closely watched by stakeholders involved in the insolvency proceedings. 

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