The National Company Law Appellate Tribunal on Monday directed the Vedanta Group to make the Adani Group a party to its appeals challenging the approval of a resolution plan for Jaiprakash Associates Ltd (JAL).
A two-member NCLAT bench comprising chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra asked Vedanta to serve its petition to Adani Enterprises Ltd, the successful resolution applicant, by the end of the day and implead it as a party in the matter.
“We can not pass any ex parte order… You have not impleaded them as a party,” the bench said, declining to pass any order without hearing the successful bidder.
The tribunal posted the matter for further hearing on Tuesday. Adani Enterprises has already filed caveats before the appellate tribunal.
Vedanta has filed two appeals against the order of the National Company Law Tribunal. In one, it has challenged the validity of the resolution plan, and in the other, it has questioned the approval granted by the Committee of Creditors (CoC) and the NCLT.
On March 17, the NCLT’s Allahabad bench approved Adani Enterprises’ Rs 14,535 crore bid to acquire JAL under the insolvency process. The lenders had earlier approved the plan in November last year.
Adani Enterprises secured 89 per cent of the creditors’ votes, ahead of bids from Vedanta and Dalmia Bharat.
The CoC has defended the process, stating that it complied with all Insolvency and Bankruptcy Code rules and that evaluation was based on multiple factors, including upfront cash, feasibility and execution timelines.
According to lenders, Adani’s bid included around Rs 6,000 crore upfront and a faster repayment schedule within two years, while Vedanta’s proposal involved payments over a period of up to five years.
The CoC also rejected Vedanta’s revised offer, saying it was submitted after the bidding process had closed and accepting it would require restarting the process.
JAL was admitted to the corporate insolvency resolution process in June 2024 after defaulting on loans amounting to Rs 57,185 crore.
The company has assets across sectors, including real estate, cement, hospitality, power and engineering.
Its real estate portfolio includes projects such as Jaypee Greens in Greater Noida, parts of Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City near the upcoming Jewar International Airport.
It also has office spaces in Delhi-NCR and operates hotels in Delhi-NCR, Mussoorie and Agra. JAL operates four cement plants in Madhya Pradesh and Uttar Pradesh and holds leased limestone mines.
It also has investments in subsidiaries such as Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd and Jaypee Infrastructure Development Ltd.
