NCLAT clears Adani’s ₹14,500-crore Jaiprakash deal, rejects Vedanta appeal

The National Company Law Appellate Tribunal (NCLAT) on May 4 dismissed appeals filed by Vedanta Limited challenging the selection of Adani Enterprises as the successful bidder for debt-laden Jaiprakash Associates Limited under the insolvency resolution process. 

A two-member bench comprising NCLAT Chairperson Ashok Bhushan and Technical Member Barun Mitra ruled that there was “no merit” in Vedanta’s appeal and upheld the lenders’ decision to back Adani’s bid. 

The ruling clears the way for the Adani Group’s approximately ₹14,500-crore acquisition of Jaiprakash Associates, which is undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). 

Vedanta had challenged a March 2026 order of the National Company Law Tribunal (NCLT), arguing that its own bid — reportedly valued at nearly ₹17,926 crore after revisions — offered significantly higher value to creditors than Adani’s approved ₹14,535-crore plan. The company alleged that the Committee of Creditors (CoC) failed to properly evaluate its revised offer and raised concerns over transparency in the bidding process. 

However, the appellate tribunal sided with the CoC, observing that the lenders’ decision fell within their “commercial wisdom” and did not warrant judicial interference. The CoC had argued that Vedanta revised its proposal after learning details of competing bids and that the revised submission came after the prescribed deadline. 

Jaiprakash Associates, part of the Jaypee Group founded by Jaiprakash Gaur, entered insolvency proceedings in 2024 amid admitted claims exceeding ₹57,000 crore. Its assets include cement operations, real estate projects, power assets and the Buddh International Circuit Formula One track in Greater Noida. 

The Committee of Creditors had approved Adani Enterprises’ resolution plan in November 2025 with over 93% voting support after a competitive bidding process involving multiple companies, including Vedanta, Dalmia Cement and Jindal Power.