New Delhi: Anil Agarwal-led Vedanta Limited has moved the National Company Law Tribunal (NCLT), challenging lenders’ approval of Adani Enterprises Limited’s Rs 15,000 crore plus resolution plan for bankrupt Jaiprakash Associates Limited (JAL).
Vedanta has approached the Allahabad bench of the National Company Law Tribunal and asked it to send the approved plan back to lenders for fresh consideration. The company termed the decision of the committee of creditors (CoC) as a 'commercial conspiracy' and said the bidding process was unfair.
What Vedanta Told the Tribunal?
Senior advocate U.K. Chaudhary, appearing for Vedanta, argued that the company was pushed aside despite emerging as the highest bidder earlier in the process.
Vedanta said its offer was Rs 12,505 crore on a net present value (NPV) basis. Two days before lenders began voting in November 2025, it submitted an addendum to improve the payment terms. It increased upfront cash from around Rs 3,770 crore to Rs 6,563 crore and doubled equity infusion from Rs 400 crore to Rs 800 crore. The total bid value remained the same.
However, lenders refused to consider the revised structure, saying it violated bidding rules. Vedanta argued that ignoring the improved structure reduced its evaluation score and led to its exit from the race.
The company clarified it is not asking to be declared the winner but wants the court to check whether the process followed the Insolvency and Bankruptcy Code (IBC).
Lenders Defend the Process
The CoC, led by State Bank of India, defended the process. Lenders said the insolvency process was conducted strictly under the IBC and that Vedanta’s plea has no legal basis.
They pointed out that under the evaluation matrix, Adani Enterprises scored 70 marks, while Vedanta scored 58 marks. They also said that if Vedanta had concerns about the bidding rules, it should have raised them earlier.
The lenders’ panel added that homebuyers did not support Vedanta’s revised proposal. “We got a fair offer. We are not cancelling the process,” the committee told the tribunal.
Why Adani’s Plan Won?
In November, Adani Enterprises submitted a resolution plan worth over Rs 15,000 crore. The plan received around 93 percent approval from financial creditors, well above the 66 percent required under the IBC.
National Asset Reconstruction Co. Ltd (NARCL), which holds 85.43 percent voting power after acquiring debt from banks, supported the plan. Some lenders did not vote, while Asset Care and Reconstruction Enterprise voted against it.
Adani’s plan offered about Rs 6,000 crore upfront and proposed to clear the rest within two years. In contrast, Vedanta’s payments were spread over five years.
What Is at Stake?
Total admitted claims against JAL stand at Rs 5.44 trillion. Adani’s plan proposes a realizable value of Rs 15,343 crore, meaning creditors would recover about 2.8 percent of their claims.
If approved, Adani will gain nearly 3,985 acres of land in Noida and Greater Noida, 6.5 million tonnes of cement capacity in Uttar Pradesh and Madhya Pradesh, and a 24 percent stake in Jaiprakash Power Ventures Ltd.
JAL entered insolvency in June 2024 after defaulting on loans of over Rs 55,000 crore. The tribunal will now decide whether to uphold the lenders’ approval or send the plan back for reconsideration.
