Stocks linked to Adani Group surged as the National Company Law Appellate Tribunal dismissed Vedanta's appeal against the approval of Adani Enterprises' plan for Jaiprakash Associates Ltd.
The appellate tribunal allowed the lender-approved bid to proceed with the plan.
The gains were led by Adani Green, with shares trading 5.9% higher intraday at Rs 1,300 apiece, followed by Adani Ports, up 5.11% at Rs 1,742, Adani Energy rose 5.05% at Rs 1,410 and Adani Enterprises, 4.43% higher at Rs 2,515 per share.
Shares of Adani Power surged 3.49% to Rs 229.6 per share, while Adani Total Gas shares jumped 3.09% to Rs 654.3 and Adani Wilmar rose 3.27% to trade at Rs 202.8.
According to NCLAT, 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.
ALSO READ: NCLAT Rejects Vedanta Appeal, Upholds Adani Group's Resolution Plan For Jaypee
In 2024, Jaiprakash Associates had entered insolvency proceedings after admission by the National Company Law Tribunal on a petition by ICICI Bank. Claims admitted in the process was more than Rs 57,000 crore.
Led by National Asset Reconstruction Company Limited with over 85% voting share, the lenders evaluated multiple bids before selecting Adani Enterprises. The company's plan ranked higher on key financial parameters, including upfront recovery.
The committee approved Adani Enterprises' proposal with a 93.81% vote in November 2025.
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 while Vedanta contested the decision.
The appellate tribunal had earlier refused to stay the implementation of Adani's proposal. 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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