New Delhi, March 24 The National Company Law Tribunal (NCLT) on Tuesday declined to stay the Vedanta Group's appeal against the order passed by the NCLT approving Adani Group's bid of Rs 14,535 crore to acquire Jaiprakash Associates Ltd (JAL).
The two-member bench of the NCLAT sought a response from the Committee of Creditors (CoC) of JAL within a week. It also directed that the matter be listed for hearing on April 10.
Vedanta Group was in the process of acquiring JAL through insolvency, but lenders approved Adani Enterprises Ltd's resolution plan in November last year.
Last week, the NCLT approved the Adani Group's bid.
Challenging the NCLT order, the Vedanta Group has filed two appeals before the NCLAT. In the first, it has challenged the validity of the resolution plan, and in the second, it has challenged the approval of the plan by the CoC and the adjudicating authority (NCLT).
During Tuesday's hearing, the NCLAT said all parties agree that, given the nature of the issues raised in the appeal, this matter needs to be decided quickly.
"In light of this, we believe that the appeal needs to be heard promptly. We direct that the appeal be listed on April 10, 2026, as a fresh case," said the NCLAT.
It has also directed Vedanta and other parties, including the CoC, to submit their written submissions of no more than five pages by the next date.
However, the bench comprising Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra also clarified that the implementation of the plan would be subject to the outcome of the appeals filed by the Anil Agarwal-led Vedanta Group.
"In the meantime, in accordance with the impugned order, the implementation of the resolution plan shall proceed, however, this will be subject to the outcome of the appeal," said the NCLAT in its 4-page interim order.
The NCLAT also took note of the submissions from the counsel for the CoC that “if the Corporate Debtor (JAL) is delisted as per the approved resolution plan under the impugned order, and if this Tribunal sets aside the order, all delisting actions will be automatically cancelled.”
On March 17, the NCLT, Allahabad bench, approved Adani Enterprises Ltd's Rs 14,535 crore bid to acquire JAL through the insolvency process.
This has been challenged by Vedanta before the National Company Law Appellate Tribunal (NCLAT), which on Monday directed to include Adani Enterprises as a party and has listed the matter for hearing on Tuesday.
During the NCLAT hearing on Tuesday, counsel representing Vedanta contended that JAL's Committee of Creditors declared it the highest bidder. Vedanta's bid value was Rs 16,726 crore, while Adani Enterprises' bid was Rs 14,535 crore.
The Insolvency and Bankruptcy Code suggests maximizing the value of stressed assets. However, the lender body CoC, despite emphasizing the importance of value maximization and compliance with the IBC framework, failed to do so.
The CoC's discretion in selecting a resolution plan must be exercised in accordance with the applicable law and governing documents, Vedanta's counsel argued before the appellate tribunal.
They further argued that participation in bidding rounds must be a fair and equal opportunity, as no negotiations were done after multiple rounds of bidding.
In November last year, the CoC approved Gautam Adani's resolution plan to acquire JAL.
Adani Enterprises outbid Vedanta and Dalmia Bharat to win the bid for JAL. Adani secured 89 per cent votes from creditors, followed by Dalmia Cement (Bharat) and Vedanta Group.
The CoC defended its decision, saying the process complied with all insolvency and Bankruptcy Code (IBC) rules. They maintained that no bidder has a guaranteed right to win, even if it offers the highest value.
They said plans were evaluated on multiple factors, including upfront cash, feasibility, and execution, not just headline value.
Adani's bid was preferred as it offered around Rs 6,000 crore upfront and faster payments within two years, compared with Vedanta's longer payment timeline of up to five years.
Lenders also rejected Vedanta's revised offer, saying it was submitted after bidding had closed and accepting it would require restarting the process. They added that all bidders were given equal opportunity and multiple chances to improve their bids.
JAL, with its high-quality assets and business interests spanning real estate, cement manufacturing, hospitality, power, and engineering & construction, was admitted to the CIRP in June 2024 after it defaulted on payments of loans aggregating Rs 57,185 crore.
Key projects include Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City, near the upcoming Jewar International Airport.
It also has three commercial/industrial office spaces in Delhi-NCR, and its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra.
JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, along with a few leased limestone mines in Madhya Pradesh.
It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other companies.
