Adani Group’s resolution plan for Jaiprakash Associates Limited (JAL) has been approved by the National Company Law Appellate Tribunal (NCLAT). The tribunal dismissed Vedanta’s appeal challenging the process. Upholding the National Company Law Tribunal’s (NCLT) earlier order, the NCLAT stated that there were no grounds to interfere with the decision of the adjudicating authority.
The Committee of Creditors (CoC) was found justified in rejecting Vedanta’s resolution plan, as per the tribunal’s decision. NCLAT noted that the CoC’s decision in its 24th meeting on November 14, 2025, to not consider the addendum was deemed valid. Additionally, the tribunal affirmed that there were no material irregularities in the resolution plan and supported the commercial wisdom of the CoC, thereby validating the process.
“We do not find any ground to interfere with the order passed by the adjudicating authority,” stated the tribunal. Jaiprakash Associates Limited (JAL) entered the corporate insolvency resolution process on June 3, 2024, as per the Allahabad Bench of the NCLT.
NCLAT had previously refused to grant an interim stay on the implementation of Adani Group’s resolution plan, despite objections from Vedanta, which claimed its bid was financially superior. The appellate tribunal considered Vedanta’s appeal against Adani’s Rs 14,535 crore bid for JAL. Vedanta argued that its offer had a higher net present value (NPV) of Rs 12,505 crore. However, the tribunal clarified that actions under Adani’s plan would be subject to the final outcome of Vedanta’s plea.
JAL became insolvent in June 2024 after defaulting on loans exceeding Rs 57,000 crore. With Vedanta’s appeal dismissed, the way is now clear for the implementation of Adani Group’s resolution plan for Jaypee.
