New Delhi, May 4 (IANS). Adani Group’s resolution plan for Jaiprakash Associates Limited (JAL) has received approval from the National Company Law Appellate Tribunal (NCLAT). Also, Vedanta Group’s petition challenging its process has been rejected.
A bench headed by Justice (retd) Ashok Bhushan and technical member Barun Mitra upheld the earlier order of the National Company Law Tribunal (NCLT) and said there was no ground 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 found that the decision of the Committee not to consider the addendum in its 24th meeting held on November 14, 2025 was neither invalid nor unreasonable.
The Court further held that there were no irregularities in the resolution plan and effectively validated the process while upholding the professional discretion of the committee.
“We find no grounds to interfere with the order passed by the adjudicating authority,” the court said.
Jaiprakash Associates Limited (JAL) was admitted into the corporate insolvency resolution process by the Allahabad bench of NCLT on June 3, 2024.
Earlier, the appellate tribunal had refused to grant an interim stay on the implementation of the resolution plan of Adani Group, despite the objections raised by Vedanta. Vedanta had argued that its bid was financially better.
NCLAT had heard Vedanta’s appeal challenging the approval of Adani’s Rs 14,535 crore bid for JAL.
Moreover, Vedanta had argued that the net present value (NPV) of its offer was higher by Rs 12,505 crore.
However, the tribunal had at that time clarified that any steps taken under Adani’s resolution plan would be subject to the final outcome of Vedanta’s petition.
JAL went into bankruptcy proceedings in June 2024 after defaulting on loans worth over Rs 57,000 crore.
With Vedanta’s appeal rejected, the appellate tribunal has now opened the way for Jaypee to implement the Adani Group’s resolution plan.
–IANS
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