National Company Law Appellate Tribunal refused to stay resolution plan of Jaiprakash Associates Limited approved for Adani Enterprises, with bench led by Ashok Bhushan holding issues need detailed hearing, making implementation subject to final appeal outcome.
The National Company Law Appellate Tribunal (NCLAT) refused to stay the resolution plan for Jaiprakash Associates Limited (JAL) that was approved in favour of Adani Enterprises.
A bench comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra declined to grant interim relief at this stage, saying the matter requires detailed consideration.
The tribunal noted that the issues raised cannot be decided immediately and must be examined after hearing all parties. It clarified, however, that the implementation of the resolution plan will remain subject to the final outcome of the appeal.
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The appeal was filed by Vedanta Limited. Jaiprakash Associates, a heavily indebted infrastructure group, was admitted to insolvency by the Allahabad Bench of the National Company Law Tribunal (NCLT) on June 3, 2024, following a petition by ICICI Bank.
Total admitted claims against the company exceeded Rs 57,000 crore, with the National Asset Reconstruction Company Limited (NARCL) emerging as the largest financial creditor, holding more than an 85% voting share in the committee of creditors (CoC).
The CoC comprised 27 members, including major banks, financial institutions and a class of homebuyers.
Out of 28 expressions of interest, 25 prospective resolution applicants were shortlisted. Ultimately six bidders submitted resolution plans: Adani Enterprises Limited, Vedanta Limited, Dalmia Cement (Bharat) Limited, Jindal Power Limited, PNC Infratech Private Limited and Jaypee Infratech Limited.
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Adani Enterprises and Vedanta emerged as frontrunners. Independent evaluation ranked Adani’s plan higher on overall scoring, particularly for upfront recovery and overall financial value. In its 23rd meeting in November 2025, the CoC approved Adani Enterprises’ resolution plan with 93.81% voting share.
After the challenge process ended and final plans were filed, Vedanta submitted an addendum to its resolution plan on November 8, 2025. The CoC declined to consider the addendum on the basis that the bidding framework expressly prohibited any post-process modification of financial proposals. Vedanta has contested those decisions.
At Tuesday’s hearing, Senior Advocate Abhijit Sinha argued that the resolution process lacked transparency and did not adequately prioritize value maximisation. The company maintained that its offer was materially higher than Adani’s.
Sinha said,
“Rs 16,070 crores is being offered. This is not a question of a small gap,”
A central grievance is the CoC’s rejection of Vedanta’s post-bid addendum; Vedanta characterized the addendum as clarificatory and intended to enhance value for creditors. The CoC, however, contended the addendum was filed after Vedanta learned its upfront payment was lower than that of the successful resolution applicant.
Adani Enterprises was represented by Senior Advocate Ritin Rai with a team from Karanjawala & Co: Sandeep Singhi, Ruby S Ahuja, Seema Sundd, Abhishek Swaroop, Rituraj Srivastava, Ravneet Kaur Malik, and Shruti Pandey.
The Resolution Professional was represented by Senior Advocate Arun Kathpalia. Vedanta Limited’s counsel included Senior Advocate Abhijeet Sinha and Advocate Deep Roy.
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