By BullScreen Editorial Team 
The Vedanta Group has moved the National Company Law Appellate Tribunal (NCLAT) against the approval of Adani Group’s ₹14,535 crore bid to acquire Jaiprakash Associates Ltd (JAL), escalating a high-stakes insolvency battle.
The appeal challenges the March 17 order of the National Company Law Tribunal (NCLT), which cleared Adani Enterprises Ltd’s resolution plan. The case is set to be heard by a two-member NCLAT bench led by Justice Ashok Bhushan.
Vedanta, led by Anil Agarwal, was among the bidders but lost after lenders approved Adani’s plan with an 89% majority vote. Other bidders included Dalmia Bharat, but Adani emerged as the top contender in the insolvency process.
The Committee of Creditors (CoC) has defended the selection, stating that the process adhered to Insolvency and Bankruptcy Code norms. It emphasized that bids are assessed on multiple factors beyond headline value, including upfront cash, execution timelines, and feasibility. Adani’s offer included around ₹6,000 crore upfront with full payments within two years, while Vedanta’s proposal extended up to five years.
Lenders also rejected Vedanta’s revised bid, citing that it was submitted after the deadline and accepting it would have required restarting the process. They maintained that all bidders were given equal opportunity during the resolution phase.
JAL entered insolvency proceedings in June 2024 after defaulting on loans exceeding ₹57,000 crore. The company has a diversified asset base spanning real estate, cement, power, and hospitality, including key projects in Noida and near the upcoming Jewar airport.
The NCLAT’s ruling will be closely watched, as it could set important precedents for bidder timelines and evaluation criteria in large insolvency cases.