The National Company Law Appellate Tribunal (NCLAT) on Monday adjourned the hearing on Vedanta Group’s challenge to the approval of Adani Enterprises’ bid for debt-laden Jaiprakash Associates Ltd (JAL), citing a change in the bench composition.
The insolvency appellate tribunal deferred proceedings in the two appeals filed by Vedanta Ltd after a member of the bench became unavailable, necessitating a reconstitution of the panel. The tribunal is expected to announce a fresh hearing date shortly.
Vedanta has moved the appellate tribunal against the March 17 order of the Allahabad bench of the National Company Law Tribunal (NCLT), which cleared Adani Enterprises Ltd’s Rs 14,535-crore resolution plan to acquire JAL through the insolvency process.
Earlier, on March 24, the NCLAT had refused to grant an interim stay on the NCLT’s order approving the Adani Group’s bid. However, it clarified that the resolution plan would remain subject to the outcome of the appeals filed by the Anil Agarwal-led Vedanta Group.
The interim relief order was subsequently challenged in the Supreme Court, which also declined to stay the proceedings. The apex court, however, directed that any major policy decision by the monitoring committee would require prior approval from the tribunal.





