Vedanta Group has moved the National Company Law Appellate Tribunal (NCLAT) against the approval of Adani Group’s bid to acquire Jaiprakash Associates Ltd (JAL) for Rs 14,535 crore.
The appeal challenges the NCLT’s March 17 order that cleared Adani Enterprises Ltd’s resolution plan for the debt-laden company.
The matter is listed for hearing on Monday before a two-member bench led by Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra.
Vedanta, led by Anil Agarwal, was among the bidders for JAL but lost out after lenders approved Adani’s plan in November last year. Adani Enterprises emerged as the top bidder in the insolvency process, with Dalmia Bharat and Vedanta trailing.
The Committee of Creditors (CoC) said the Adani plan secured 89 per cent of the votes.
They defended the process, saying it followed all Insolvency and Bankruptcy Code (IBC) rules and that no bidder has a guaranteed right to win, even if it offers the highest value.
They added that bids were evaluated on several factors, including upfront cash, payment timelines and feasibility. Adani’s offer included about Rs 6,000 crore upfront and payments within two years, while Vedanta’s plan stretched up to five years.
Lenders also rejected Vedanta’s revised bid, saying it came after the bidding process had closed. Accepting it, they said, would have required restarting the process. They maintained that all bidders were given equal chances to improve their offers.
JAL was admitted into the Corporate Insolvency Resolution Process (CIRP) in June 2024 after defaulting on loans worth Rs 57,185 crore.
The company holds assets across real estate, cement, power, hospitality and infrastructure. Its real estate portfolio includes Jaypee Greens in Greater Noida, parts of Wishtown in Noida, and the Jaypee International Sports City near Jewar International Airport.
It also owns commercial spaces in Delhi-NCR and operates hotels in Delhi-NCR, Mussoorie and Agra. In the industrial segment, JAL runs four cement plants in Madhya Pradesh and Uttar Pradesh and has leased limestone mines in Madhya Pradesh.
