The National Company Law Appellate Tribunal dismissed Vedanta's appeal against the approval of Adani Enterprises' plan for Jaiprakash Associates Ltd., with the appellate tribunal allowing the lender-approved bid to proceed. The tribunal said it found no grounds to interfere with the earlier order.
The decision affirms the outcome of a competitive bidding process in which Adani's proposal secured creditor backing based on higher upfront recovery and overall value. It also upholds the process followed by lenders, including their refusal to consider changes submitted after bidding closed.
The bench said the committee of creditors acted within the framework of the law in selecting the successful bidder. It also said there was no material irregularity in the conduct of the resolution professional. The tribunal held that the lenders' decision to not consider Vedanta's addendum, submitted after the conclusion of the process, was valid under the bidding rules.
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Bidding Outcome
Jaiprakash Associates had entered insolvency proceedings in June 2024 after admission by the National Company Law Tribunal on a petition by ICICI Bank. Claims admitted in the process exceeded Rs 57,000 crore.
Lenders, led by National Asset Reconstruction Company Limited with over 85% voting share, evaluated multiple bids before selecting Adani Enterprises. The company's plan ranked higher on key financial parameters, including upfront recovery.
In November 2025, the committee approved Adani Enterprises' proposal with a 93.81% vote.
Vedanta later submitted a revised offer of Rs 16,070 crore after the process had closed. Lenders declined to consider it, stating that post-deadline changes were not permitted. Vedanta contested the decision, citing concerns over transparency.
Legal Course
Earlier, the appellate tribunal had declined to stay the implementation of Adani's plan. Vedanta moved the Supreme Court of India, which dismissed the plea and directed the tribunal to decide the matter. The tribunal has now upheld the lenders' decision and cleared the way for implementation of Adani Enterprises' resolution plan.
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