THEBUSINESSBYTES
BUREAU
NEW
DELHI, APRIL 13, 2026
The National Company
Law Appellate Tribunal (NCLAT) on Monday adjourned the hearing on petitions
filed by Vedanta Ltd challenging the selection of Adani Enterprises Ltd as the
successful bidder for debt-ridden Jaiprakash Associates Ltd (JAL). The matter
has now been listed for April 16.
The adjournment
followed a change in the bench composition due to the unavailability of one
member. The tribunal was expected to hear Vedanta’s concluding arguments before
lenders and the resolution professional began their submissions, but after
consultations with all parties, the hearing was deferred.
Vedanta has raised
objections over the evaluation criteria adopted by JAL’s lenders, contending
that the process diluted the “commercial wisdom” of the Committee of Creditors
(CoC). The company has filed two appeals against the March 17 order of the National
Company Law Tribunal (NCLT), which had approved Adani Enterprises’ ₹14,535 crore resolution plan.
Earlier, on March 24,
the NCLAT refused to stay the NCLT order but clarified that the resolution plan
would remain subject to the outcome of Vedanta’s appeals. The interim relief
was subsequently challenged in the Supreme Court of India, which also declined
to grant a stay. However, the apex court directed that any major policy
decisions by the monitoring committee must receive tribunal approval.
During the bidding process, Adani Enterprises secured 89 per cent of creditor votes, outpacing Vedanta and Dalmia Bharat Ltd. The CoC has defended its decision, stating that bids were evaluated on multiple parameters, including upfront cash, feasibility, and execution capability, rather than just headline value.
JAL entered insolvency proceedings in June 2024 after defaulting on loans amounting to ₹57,185 crore. The company holds diversified assets across real estate, cement, hospitality, power, and infrastructure, with a significant presence in the Delhi-NCR region as well as cement operations in Madhya Pradesh and Uttar Pradesh.
