Vedanta challenges NCLT nod to Adani’s Rs 14,535 crore JAL bid
March 22, 2026
Vedanta has challenged NCLT’s approval of Adani Enterprises’ Rs 14,535 crore bid for Jaiprakash Associates in NCLAT. Here’s what happens next.
Anil Agarwal-led Vedanta Group has approached the National Company Law Appellate Tribunal (NCLAT), challenging the approval granted to Adani Enterprises Ltd for acquiring Jaiprakash Associates Ltd (JAL) through the insolvency process.
The move comes after the National Company Law Tribunal (NCLT), Allahabad bench, cleared Adani Group’s Rs 14,535 crore resolution plan earlier this month, paving the way for the takeover of the debt-laden company.
Challenge to NCLT Approval
According to regulatory disclosures, JAL had informed that the NCLT, Allahabad bench, has “orally pronounced an order on March 17, 2026” approving the resolution plan submitted by Adani Enterprises Ltd.
Vedanta, which was also in the race to acquire JAL, has now contested this decision before the appellate tribunal. The matter is scheduled to be heard on Monday by a two-member bench led by Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra.
Bidding War and JAL’s Assets
The acquisition process saw stiff competition, with Adani Enterprises emerging as the highest bidder, securing nearly 89 per cent votes from the Committee of Creditors (CoC). Other contenders included Dalmia Bharat and Vedanta Group.
Jaiprakash Associates, admitted into the Corporate Insolvency Resolution Process in June 2024 after defaulting on loans worth over ₹57,000 crore, holds a diverse portfolio of assets. These include major real estate developments such as Jaypee Greens in Greater Noida and projects linked to the upcoming Jewar International Airport, along with cement plants, hotels and infrastructure businesses.
The company also has investments in several subsidiaries across power, infrastructure and tolling segments, making it a significant asset in the insolvency landscape.
The move comes after the National Company Law Tribunal (NCLT), Allahabad bench, cleared Adani Group’s Rs 14,535 crore resolution plan earlier this month, paving the way for the takeover of the debt-laden company.
Challenge to NCLT Approval
According to regulatory disclosures, JAL had informed that the NCLT, Allahabad bench, has “orally pronounced an order on March 17, 2026” approving the resolution plan submitted by Adani Enterprises Ltd.
Vedanta, which was also in the race to acquire JAL, has now contested this decision before the appellate tribunal. The matter is scheduled to be heard on Monday by a two-member bench led by Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra.
Bidding War and JAL’s Assets
The acquisition process saw stiff competition, with Adani Enterprises emerging as the highest bidder, securing nearly 89 per cent votes from the Committee of Creditors (CoC). Other contenders included Dalmia Bharat and Vedanta Group.
Jaiprakash Associates, admitted into the Corporate Insolvency Resolution Process in June 2024 after defaulting on loans worth over ₹57,000 crore, holds a diverse portfolio of assets. These include major real estate developments such as Jaypee Greens in Greater Noida and projects linked to the upcoming Jewar International Airport, along with cement plants, hotels and infrastructure businesses.
The company also has investments in several subsidiaries across power, infrastructure and tolling segments, making it a significant asset in the insolvency landscape.