India Business Journal - NCLAT rejects Vedanta’s pleas in JAL resolution row, upholds Adani’s plan

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NCLAT rejects Vedanta’s pleas in JAL resolution row, upholds Adani’s plan

IBJ Bureau
May 05, 2026

The National Company Law Appellate Tribunal (NCLAT) has dismissed two petitions filed by Vedanta.

The mining conglomerate’s plea had challenged the selection of Adani Enterprises’ bid for debt-ridden Jaiprakash Associates (JAL).

A two-member bench, comprising NCLAT Chairperson Ashok Bhushan and Member Technical Barun Mitra has said: “No grounds have been made out by the appellant (Vedanta) to interfere with the decision of the adjudicating authority (NCLT). There is no merit in the appeal. Both appeals are dismissed. There shall be no orders to pass.”

The decision of the Committee of Creditors (CoC) was based on “overall consideration of the respective resolution plan and was taken in its commercial wisdom” the appellate tribunal has added.

The NCLAT has also said that there has been “no material irregularity committed by Resolution Professional while conducting the plan resolution process”.

The NCLAT has also dismissed Vedanta’s plea, where it had questioned the evaluation metrics adopted and had said that its bid was Rs 3,400 crore higher in gross value terms and roughly Rs 500 crore more in net present value (NPV) compared to the Adani Group’s bid.

Rejecting this, the NCLAT has said that “decision of CoC not approving the resolution plan of the appellant with a higher plan value of Rs 3,400 crore and NPV of Rs 500 crore as compared to plan of respondent No 3 (Adani) cannot be said to be arbitrary or perverse”.