Vedanta Moves Supreme Court Against NCLAT Refusal To Stay Implementation Of Adani's JAL Resolution Plan
Vedanta Ltd has moved the Supreme Court assailing the National Company Law Appellate Tribunal's order declining interim relief against implementation of Adani Enterprises' resolution plan for Jaiprakash Associates Ltd.
The plan, approved by the NCLT on March 17, 2026, with a 93.81% CoC vote, is under challenge over the alleged non-consideration of Vedanta's higher bid in breach of the value maximisation objective under the Insolvency and Bankruptcy Code.
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 Rs 17,000 crore. However, the Committee of Creditors (CoC) approved the plan of Adani Enterprises, valued at about Rs 15,000 crore, citing stronger upfront payment terms despite the lower total bid value.
Vedanta, in its appeal before the NCLAT, argued that it had offered a higher net asset value of about Rs. 12,505.85 crore and that its addendum dated November 8, 2025, was wrongly disregarded by the CoC.
It sought interim relief against implementation of the resolution plan. The NCLAT, by order dated March 24, declined interim relief and allowed implementation to proceed, observing that the same would remain subject to the outcome of the appeal.
Aggrieved by the refusal to grant interim relief and the continuation of the resolution process, Vedanta has now approached the Supreme Court.