Vedanta Challenges Adani Plan for Jaiprakash Associates in NCLT

Vedanta Ltd approached the National Company Law Tribunal on February 12, 2026, to seek a fresh review of the committee of creditors’ approval of Adani Enterprises’ resolution plan for the insolvent Jaiprakash Associates, as per news reports. 

Vedanta’s Request for NCLT Intervention 

Senior counsel U.K. Chaudhary argued that Vedanta had emerged as the highest bidder with a net present value offer of ₹12,505 crore.  

The company submitted an addendum two days before voting, raising the upfront cash component from about ₹3,770 crore to ₹6,563 crore and doubling equity infusion from ₹400 crore to ₹800 crore, while keeping the total bid unchanged. 

Vedanta claims the lenders rejected the revised structure, causing its evaluation score to fall and its exclusion from the final selection. 

Adani Enterprises’ Approved Resolution Plan 

Adani Enterprises presented a plan exceeding ₹15,000 crore that secured roughly 93% of creditor votes in the electronic poll that ended on 18 November 2025. The plan scored 70 marks against Vedanta’s 58 marks under the evaluation matrix.  

Under the proposal, Adani would receive about ₹6,000 crore upfront and settle the balance within two years, gaining access to nearly 3,985 acres of land, 6.5 million tonnes of cement capacity and a 24% stake in Jaiprakash Power Ventures. 

Read More: PowerGrid Corporation Share Price in Focus; Declared as Successful Bidder Under TBCB! 

Key Figures and Creditor Landscape 

Total admitted claims against Jaiprakash total ₹5.44 trillion. The proposed realisable value of ₹15,343 crore translates to an estimated recovery of 2.8% of the claims.  

National Asset Reconstruction Co. Ltd, holding 85.43% voting power, supported the Adani plan, while a minority lender representing Yes Bank voted against it.  

The committee of creditors, led by State Bank of India, maintains that the process complied with the Insolvency and Bankruptcy Code and that any objections should have been raised earlier. 

Proceedings and Potential Outcomes 

The Allahabad bench of the NCLT will decide whether to uphold the lenders’ approval of Adani’s plan or to remit the matter back for reconsideration as sought by Vedanta. The hearing is scheduled to continue on the following Friday. 

Conclusion 

Vedanta’s petition challenges the lender‑approved ₹15,000 crore resolution plan of Adani Enterprises for Jaiprakash Associates, alleging procedural unfairness. The tribunal’s decision will determine whether the current plan stands or is sent back for a fresh evaluation. 

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