Adani Ent. Files Caveat In Supreme Court After NCLAT Upholds Approval Of Its Resolution Plan For JAL
Adani Enterprises has filed a caveat before the Supreme Court anticipating an appeal by Vedanta Ltd against the NCLAT judgment upholding the approval of Adani's nearly ₹14,535 crore resolution plan for debt-laden Jaiprakash Associates Ltd (JAL).
The caveat ensures that in case Vedanta files an appeal, no interim order is passed without first hearing Adani Enterprises.
In its May 5, 2026 judgment, the NCLAT dismissed Vedanta's appeals challenging the approval of Adani Enterprises' resolution plan and held that under the resolution framework adopted for JAL, the Committee of Creditors was not bound to approve a plan merely because it carried the highest net present value or scored highest under the evaluation matrix.
“However, the CoC is not bound to approve a Resolution Plan, which has the highest score in Evaluation Matrix nor the CoC is bound to approve a Resolution Plan, which has highest NPV,” the appellate tribunal observed.
It also upheld the CoC's commercial wisdom in selecting Adani Enterprises' plan and held that the CIRP process had been conducted fairly and transparently in accordance with the Insolvency and Bankruptcy Code and CIRP Regulations.
The dispute arose after the NCLT Allahabad on March 17, 2026 approved Adani Enterprises' resolution plan for Jaiprakash Associates Ltd, a company engaged in cement and construction sectors, which was undergoing CIRP pursuant to insolvency proceedings initiated on ICICI Bank's application.
Vedanta challenged the approval before the NCLAT, contending that its proposal offered a gross value of over Rs. 17,000 crore and a net present value of around Rs. 12,505 crores, which according to it was nearly Rs. 3,400 crores higher in gross value and over Rs. 500 crores higher in NPV than Adani Enterprises' approved resolution plan valued at around Rs. 15000 crores.
It argued that despite emerging as the highest NPV bidder after the challenge process, the Committee of Creditors failed to maximise value and arbitrarily preferred Adani's proposal. Vedanta also questioned rejection of an addendum submitted on November 8, 2025 through which it sought to improve upfront payment and equity infusion.
On March 24, 2026 the NCLAT directed that implementation of Adani's resolution plan may continue but would remain subject to the outcome of Vedanta's appeals. The tribunal also directed expeditious hearing of the matter considering the nature of the issues raised.
On Vedanta's appeal against the NCLAT's order of implementation, the Supreme Court on April 6 refused to interfere with the interim NCLAT order permitting implementation of Adani's plan to proceed, while requesting the appellate tribunal to decide Vedanta's appeals on an out of turn basis in view of the consequential implications involved.
While rejecting Vedanta's contentions, the NCLAT held that the post-deadline addendum amounted to an impermissible modification of the final resolution plan after conclusion of the challenge process and commencement of voting.
The NCLAT has now ultimately dismissed Vedanta's appeals and approved Adani Enterprises' resolution plan for JAL.