CORPORATE
Vedanta moves NCLAT against Adani Enterprises’ bid for Jaiprakash Associates
- IBJ Bureau
- Mar 23, 2026
Vedanta has challenged Adani Enterprises’ successful bid for bankrupt infrastructure conglomerate Jaiprakash Associates in the National Company Law Appellate Tribunal (NCLAT) after losing the first round before the Allahabad bench.
The NCLAT’s cause list shows that Vedanta has appealed against the Allahabad bench’s March 17 order, which had approved Adani Enterprises’ Rs 14,543 crore resolution plan and dismissed Vedanta's earlier challenge.
Anil Agarwal-led Vedanta had argued that it was the highest bidder on the basis of net present value (NPV), with an offer of Rs 12,505.85 crore. It had also pointed out that the lenders had approved a rival plan that was lower by roughly Rs 3,400 crore in total value and Rs 500 crore in NPV.
The company has gone so far as to characterise the approval as a “commercial conspiracy”, alleging that it was denied reasons for the rejection of its bid and given no opportunity to clarify its proposal.
It has also pointed to a revised offer submitted on November 8, 2025, which had raised upfront cash to approximately Rs 6,563 crore and equity infusion to Rs 800 crore, arguing that this improved offer should have been taken into account.
On the other hand, the lenders maintained that the process was conducted in full compliance with the rules of the Insolvency and Bankruptcy Code that no bidder holds an automatic right to win on the strength of headline value alone, and that plans were assessed across multiple dimensions – including upfront cash, feasibility and execution track record.
The lenders had noted that Adani’s bid was preferred because it had offered around Rs 6,000 crore upfront with full payment within two years.
Vedanta’s plan, by contrast, had stretched payments out over as long as five years. The revised Vedanta offer was rejected on the grounds that it had arrived after the bidding process had formally closed, and that accepting it would have required restarting proceedings from scratch, the lenders had added.
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