NCLAT Refuses To Stay Adani's Rs 15,000 Cr Resolution Plan For JAL on Vedanta's Challenge

The National Company Law Appellate Tribunal (NCLAT), Delhi, on Tuesday refused to stay the implementation of Adani's ₹15,000-crore resolution plan for Jaiprakash Associates Limited (JAL) while hearing a plea by the Vedanta Group challenging the approval of the plan by the Allahabad Bench of the National Company Law Tribunal (NCLT).

The bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra said that “the implementation of the resolution plan shall go on, however, the action shall abide with the result of the case,” while declining to grant an interim stay on the March 17, 2026 order approving the plan submitted by Adani Enterprises Limited.

Jaiprakash Associates Limited, which operates in the construction, cement, and hospitality sectors, was admitted into insolvency in June 2024 on a petition filed by ICICI Bank after facing prolonged financial stress despite selling multiple cement assets to reduce debt. The corporate insolvency resolution process (CIRP) was thereafter initiated.

During the resolution process, Vedanta submitted the highest overall bid of about ₹17,000 crore. However, the Committee of Creditors (CoC) approved the plan of Adani Enterprises, valued at about ₹15,000 crore, citing stronger upfront payment terms despite the lower total bid value.

Before the appellate tribunal, Vedanta argued that the CoC had ignored the highest-value plan and failed to maximise the value of the corporate debtor's assets, which is the primary objective of the Insolvency and Bankruptcy Code. It was submitted that Vedanta's proposal had a net present value of Rs 12,505 crore and remained the highest during the initial rounds of bidding, while Adani's bid was lower during those stages.

Vedanta alleged that the CoC had “not accepted the highest available value” and had wrongly declared Adani's lower bid as the successful resolution plan.

The next hearing is on 10 April.