Overview
- Vedanta has appealed the NCLT Allahabad bench’s March 17 approval of Adani Enterprises’ resolution plan for Jaiprakash Associates and filed two petitions questioning both the plan and its approval.
- A two-member NCLAT bench led by Justice Ashok Bhushan said it could not pass any ex-parte order and directed Vedanta to serve its petition on Adani Enterprises, which has already lodged caveats.
- Lenders had cleared Adani’s ₹14,535 crore plan in November 2025 with roughly 89% creditor support, a process they say complied with the Insolvency and Bankruptcy Code and evaluated feasibility, upfront cash and execution.
- Bankers cited Adani’s larger upfront payment of about ₹6,000 crore and a faster two-year payout schedule, while Vedanta argues its offer was superior on a net present value basis and says a late revised bid was rejected as out of time.
- Jaiprakash Associates entered insolvency in June 2024 after defaults of about ₹57,185 crore and holds assets spanning real estate in the Delhi-NCR region, cement plants in MP and UP, hospitality and power interests.