Adani Group’s Jaypee plan gets NCLAT nod, Vedanta plea dismissed

New Delhi, May 4 Adani Group's resolution plan for Jaiprakash Associates Limited (JAL) has received approval from the National Company Law Appellate Tribunal (NCLAT), which dismissed Vedanta’s appeal challenging the process.

A Bench comprising Chairperson Justice (Retd.) Ashok Bhushan and Technical Member Barun Mitra upheld the earlier order of the National Company Law Tribunal (NCLT), and said there were no grounds to interfere with the decision of the adjudicating authority.

The tribunal also held that the Committee of Creditors (CoC) was justified in rejecting Vedanta’s resolution plan.

NCLAT observed that the CoC’s decision taken in its 24th meeting on November 14, 2025 to not consider the addendum was neither invalid nor untenable.

It further noted that no material irregularity had been committed in the resolution plan and upheld the commercial wisdom of the CoC, effectively validating the process.

"We do not find any ground to interfere with the order passed by the adjudicating authority," the tribunal said.

Jaiprakash Associates Limited (JAL) was admitted into the corporate insolvency resolution process by the Allahabad Bench of the NCLT on June 3, 2024.

Earlier, the appellate tribunal had declined to grant an interim stay on the implementation of Adani Group’s resolution plan, despite objections raised by Vedanta, which had argued that its bid was financially superior.

NCLAT had taken up Vedanta’s appeal challenging the approval of Adani’s Rs 14,535 crore bid for JAL.

Moreover, Vedanta had contended that its offer carried a higher net present value (NPV) of Rs 12,505 crore.

However, the tribunal had clarified at the time that any steps taken under Adani’s resolution plan would remain subject to the final outcome of Vedanta’s plea.

JAL entered the insolvency process in June 2024 after defaulting on loans exceeding Rs 57,000 crore.

With the dismissal of Vedanta’s appeal, the appellate tribunal has now cleared the way for the implementation of Adani Group's resolution plan for Jaypee.

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