The National Company Law Appellate Tribunal has rejected Vedanta’s plea challenging the Committee of Creditors’ selection of Adani Enterprises’ resolution plan for Jaypee Associates Limited (JAL), dealing a decisive blow to Anil Agarwal’s bid to acquire one of India’s largest stressed assets. The NCLAT order significantly strengthens Adani’s position in the long-running insolvency battle that has dragged on for nearly two years.
This is the latest chapter in a legal saga that has played out across multiple forums. JAL was admitted to the Corporate Insolvency Resolution Process in June 2024 after defaulting on loans aggregating ₹57,185 crore. In November 2025, the Committee of Creditors approved Adani Enterprises’ resolution plan with 89% of creditor votes, preferring it over Vedanta’s bid primarily because Adani offered ₹6,000 crore upfront with full payment within two years — against Vedanta’s longer five-year payment timeline.
The NCLT Allahabad bench formally approved Adani’s ₹14,535 crore resolution plan in March 2026. Vedanta, which had submitted a higher nominal bid of ₹16,726 crore, challenged the NCLT order before the NCLAT, arguing it was declared the highest bidder and that the IBC mandates maximisation of asset value. The NCLAT had already declined to stay the NCLT order in March — and today’s rejection of Vedanta’s core plea removes the last significant appellate hurdle before the NCLAT.
Vedanta’s options are now narrowing — an appeal to the Supreme Court remains the only remaining legal avenue, though the top court had previously also declined to grant interim relief in April 2026 and directed parties back to the NCLAT.
JAL’s asset portfolio includes major real estate projects, five hotels, four cement plants and stakes in several subsidiaries.