Vedanta Challenges NCLT Approval of Adani’s ₹14,535 Crore Bid for Jaiprakash Associates
New Delhi, March 22: The Vedanta Group has moved the National Company Law Appellate Tribunal (NCLAT), contesting the National Company Law Tribunal’s approval of Adani Enterprises Ltd’s ₹14,535 crore resolution plan to acquire Jaiprakash Associates Ltd (JAL).Appeal Filed Against NCLT Order
The appeal follows the March 17 order by the Allahabad bench of the NCLT, which approved Adani Enterprises’ bid under the corporate insolvency resolution process. Jaiprakash Associates had earlier disclosed in a regulatory filing that the tribunal had orally pronounced its approval of the resolution plan.Vedanta, led by Anil Agarwal, was among the bidders for JAL but lost out after lenders backed Adani Enterprises’ proposal.
NCLAT Hearing Scheduled
The matter is now listed for hearing before a two-member NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member Technical Barun Mitra. The hearing is scheduled to take place on Monday.Adani Secured Majority Creditor Support
The Committee of Creditors had approved Adani Enterprises’ resolution plan in November last year. The company secured 89 percent of the votes, outperforming competing bids from Vedanta and Dalmia Bharat.Jaiprakash Associates Insolvency Background
Jaiprakash Associates was admitted into the insolvency process in June 2024 after defaulting on loans amounting to ₹57,185 crore. The company holds a diversified portfolio of assets across multiple sectors.Key Assets and Business Interests
JAL’s portfolio includes major real estate developments such as Jaypee Greens in Greater Noida, a segment of Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City near the upcoming Jewar International Airport.The company also owns commercial and industrial office spaces in Delhi-NCR and operates five hotels across Delhi-NCR, Mussoorie, and Agra.
In addition, JAL has four cement plants located in Madhya Pradesh and Uttar Pradesh, along with leased limestone mines in Madhya Pradesh. Its investment portfolio includes stakes in subsidiaries such as Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, and Jaypee Infrastructure Development Ltd.
Ongoing Legal Challenge
With Vedanta’s appeal now before the appellate tribunal, the resolution process for Jaiprakash Associates enters a new phase, with the outcome set to be determined by the NCLAT proceedings.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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