New Delhi, March 2026 – Vedanta Group has approached the National Company Law Appellate Tribunal (NCLAT), challenging the NCLT’s approval of Adani Group’s bid for acquiring Jaiprakash Associates Limited for ₹14,535 crore. The move follows the NCLT Allahabad bench’s oral order of March 17, 2026, which approved Adani Enterprises’ resolution plan and simultaneously dismissed Vedanta’s earlier objections to the process. The appeal is scheduled for hearing before a two-member NCLAT bench comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra. Vedanta’s core argument is that its ₹12,505.85 crore bid was higher on a net present value basis and did not receive a fair evaluation with the conglomerate alleging the bidding process was mishandled and its revised offer ignored. The outcome will determine whether one of India’s most consequential real estate and infrastructure insolvency resolutions proceeds as approved or faces a further delay.
The Creditor Vote and the Competing Claims
Adani Enterprises received 89% of creditor votes, the highest among all bidders while Dalmia Cement and Vedanta trailed behind. Lenders defended the selection on the grounds that Adani’s plan included approximately ₹6,000 crore upfront with a two-year payment timeline, compared to Vedanta’s longer payout schedule stretching up to five years. Creditors also rejected Vedanta’s revised proposal, stating it arrived after the bidding window had closed accepting, it would have required restarting the entire process.
Vedanta has characterised the process as a “commercial conspiracy” and alleged a lack of transparency claims the Committee of Creditors has rejected, asserting full compliance with Insolvency and Bankruptcy Code rules and equal opportunity for all bidders.
The Assets at Stake
JAL’s portfolio includes Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida, the Jaypee International Sports City near the upcoming Jewar International Airport, three commercial and industrial office spaces in Delhi-NCR, five hotel properties in Delhi-NCR, Mussoorie and Agra, four cement plants in Madhya Pradesh and Uttar Pradesh, and investments in subsidiaries including Jaiprakash Power Ventures Limited and Yamuna Expressway Tolling Limited.
