More Stories

Informist, Tuesday, Mar. 17, 2026

 

--NCLT approves Adani Ent's resolution plan for Jaiprakash Associates 

--NCLT rejects Vedanta's plea vs Adani Ent IBC plan for Jaiprakash Associates 

 

By Surya Tripathi

 

NEW DELHI – The Allahabad bench of the National Company Law Tribunal Tuesday upheld Adani Enterprises Ltd.'s INR 145-billion resolution plan for the debt-ridden Jaiprakash Associates Ltd. and rejected Vedanta's opposition to the plan. Vedanta had termed the process followed by the committee of creditors of Jaiprakash Associates in approving the plan as "unfair, opaque, and inequitable".

 

In 2024, the tribunal had admitted ICICI Bank's insolvency petition against Jaiprakash Associates under the Insolvency and Bankruptcy Code for debt of INR 12.69 billion. The order was upheld by the National Company Law Appellate Tribunal the same year.

 

Last year, the committee of creditors of Jaiprakash Associates approved the resolution plan put forth by Adani Enterprises. Entities that had bid to take over Jaiprakash Associates also included Dalmia Bharat Ltd. and Jindal Power. While the Vedanta group put in a bid of INR 170 billion, Adani Enterprises had proposed to take over the company for INR 145 billion.

 

Vedanta said a commercial conspiracy was inflicted upon it to keep it from taking over Jaiprakash Associates by adopting a procedure that was "faulty and perverted". It said there was material irregularity in the procedure adopted to approve Adani Enterprises' resolution plan. Therefore, the plan must be set aside and the committee of creditors should decide afresh on a resolution plan for Jaiprakash Associates, it said.

 

Vedanta said the committee of creditors had supported a plan offering higher cash payment upfront while rejecting its proposal, which offered higher overall value and net present value for the distressed company.

 

The committee of creditors, however, said Vedanta's argument had no legal basis and the corporate insolvency process was followed as per the Insolvency and Bankruptcy Code, 2016. It said Vedanta's application was liable to be rejected as even the homebuyers of Jaiprakash Associates had not supported the company's offer to improve its resolution plan.

 

The committee said the process it had followed was fair and Adani Enterprises got 70 marks, while Vedanta got only 58 for the Jaiprakash Associates acquisition. If Vedanta did not like the rules followed in the acquisition of Jaiprakash Associates, either it should not have participated in the process, or challenged them before participating, the panel said. "We got a fair offer, we are not cancelling the process and going back," it said. 

 

At 1456 IST, shares of Vedanta were up 1.8% at INR 698.15 on the National Stock Exchange. Shares of Jaiprakash Associates were down 4.7% at INR 2.42, while shares of Adani Enterprises were up 0.2% at INR 1,982.00 on the NSE. Shares of ICICI Bank were up 1.5% at INR 1,291.30.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.