The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed Vedanta’s plea against Adani Enterprises’ winning bid for Jaiprakash Associates.
The tribunal said that the challenge to Adani’s bid was devoid of merit, according to a report by Bar and Bench.
A Bench comprising Chairperson Justice (retired) Ashok Bhushan and Technical Member Barun Mitra held that the Committee of Creditors (CoC) was right in rejecting Vedanta’s resolution plan.
The development has eased the path for Adani’s takeover of debt-ridden Jaiprakash Associates.
In April, Anil Agarwal-led Vedanta had challenged the approval of Adani Enterprises’ resolution plan for Jaiprakash Associates Limited (JAL) before the NCLAT, alleging that the winning bid was lower than the company’s liquidation value.
It had alleged that the decision-making process lacked transparency. Vedanta said the Committee of Creditors (CoC) approved Adani’s Rs 14,535 crore plan despite JAL’s liquidation value being estimated at Rs 15,799.53 crore.
The company contended that creditors would have been better off under liquidation rather than accepting a lower bid.
Vedanta also claimed that its own offer of around Rs 17,926 crore not only exceeded the liquidation value but also maximised recovery for stakeholders.
It argued that the CoC failed to provide adequate reasoning for selecting a lower-value proposal over a higher one.
The dispute stems from the insolvency resolution process of JAL, where Adani’s plan received 93.8 percent voting approval from lenders in November 2025 and was later cleared by the National Company Law Tribunal (NCLT) in March 2026.
Vedanta had raised concerns over the integrity of the bidding process, alleging that there was a lack of transparency in how competing bids were evaluated.
In March 2025, the NCLAT had refused to halt the implementation of Adani’s resolution plan. Vedanta had gone to the Supreme Court against it, only to be turned down by the apex court.
