Vedanta Challenges ₹14,535 Crore Adani Deal For Jaiprakash Associates, Moves NCLAT After NCLT Approval
March 22, 2026
Vedanta has challenged NCLT’s approval of Adani’s ₹14,535 crore bid to acquire Jaiprakash Associates. The case will now be heard in NCLAT. The outcome could impact one of India’s major insolvency resolutions involving large assets across real estate, cement, and infrastructure sectors.
Mumbai: Vedanta Group has approached the National Company Law Appellate Tribunal (NCLAT), challenging the approval given to Adani Enterprises Ltd for acquiring Jaiprakash Associates Ltd.
The challenge comes after the National Company Law Tribunal (NCLT), Allahabad bench, approved Adani’s ₹14,535 crore resolution plan on March 17, 2026.
Background of the Deal
Jaiprakash Associates Ltd (JAL) is undergoing insolvency proceedings due to heavy debt. The company had defaulted on loans worth around ₹57,185 crore.
Several companies, including Vedanta and Dalmia Bharat, were in the race to acquire JAL. However, Adani Enterprises won the bid after getting strong support from lenders.
Creditors Backed Adani’s Bid
In November 2025, the Committee of Creditors (CoC) approved Adani’s plan with nearly 89% of the votes.
Adani’s bid was higher and more favourable compared to competing offers from Vedanta and Dalmia Bharat, which led to its selection.
Hearing Scheduled
Vedanta has now filed an appeal against the NCLT order in NCLAT. The case is scheduled for hearing before a bench led by Justice Ashok Bhushan.
The tribunal will now review whether the approval process and decision were fair and in line with rules.
Key Assets of Jaiprakash Associates
JAL has valuable assets across multiple sectors. Its business includes real estate, cement, hospitality, power, and construction.
Some of its major projects include Jaypee Greens in Greater Noida, Wishtown in Noida, and the Jaypee International Sports City near the upcoming Jewar airport.
The company also owns cement plants in Madhya Pradesh and Uttar Pradesh and has hotel properties in cities like Delhi, Mussoorie, and Agra.
In addition, it holds stakes in companies like Jaiprakash Power Ventures and Yamuna Expressway Tolling.
What Happens Next?
The final outcome will depend on the NCLAT’s decision. If the appeal is accepted, it could delay or change the acquisition process.
This case is important as it involves large assets and one of the biggest insolvency resolutions in recent times.
The challenge comes after the National Company Law Tribunal (NCLT), Allahabad bench, approved Adani’s ₹14,535 crore resolution plan on March 17, 2026.
Background of the Deal
Jaiprakash Associates Ltd (JAL) is undergoing insolvency proceedings due to heavy debt. The company had defaulted on loans worth around ₹57,185 crore.
Several companies, including Vedanta and Dalmia Bharat, were in the race to acquire JAL. However, Adani Enterprises won the bid after getting strong support from lenders.
Creditors Backed Adani’s Bid
In November 2025, the Committee of Creditors (CoC) approved Adani’s plan with nearly 89% of the votes.
Adani’s bid was higher and more favourable compared to competing offers from Vedanta and Dalmia Bharat, which led to its selection.
Hearing Scheduled
Vedanta has now filed an appeal against the NCLT order in NCLAT. The case is scheduled for hearing before a bench led by Justice Ashok Bhushan.
The tribunal will now review whether the approval process and decision were fair and in line with rules.
Key Assets of Jaiprakash Associates
JAL has valuable assets across multiple sectors. Its business includes real estate, cement, hospitality, power, and construction.
Some of its major projects include Jaypee Greens in Greater Noida, Wishtown in Noida, and the Jaypee International Sports City near the upcoming Jewar airport.
The company also owns cement plants in Madhya Pradesh and Uttar Pradesh and has hotel properties in cities like Delhi, Mussoorie, and Agra.
In addition, it holds stakes in companies like Jaiprakash Power Ventures and Yamuna Expressway Tolling.
What Happens Next?
The final outcome will depend on the NCLAT’s decision. If the appeal is accepted, it could delay or change the acquisition process.
This case is important as it involves large assets and one of the biggest insolvency resolutions in recent times.