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Informist, Monday, Mar. 23, 2026

 

NEW DELHI – Vedanta Ltd. has moved the National Company Law Appellate Tribunal, challenging Adani Enterprises Ltd.'s INR 145-billion resolution plan for the debt-ridden Jaiprakash Associates Ltd. Vedanta had termed the process followed by the committee of creditors of Jaiprakash Associates in approving the plan as "unfair, opaque, and inequitable". The appellate tribunal will Monday hear Vedanta's appeal against the Allahabad bench of the National Company Law Tribunal's nod to Adani Enterprises for Jaiprakash Associates.

 

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.

 

On Friday, shares of Vedanta ended 1.0% higher at INR 672.20 on the National Stock Exchange. Shares of Jaiprakash Associates ended down 4.7% at INR 2.42, while shares of Adani Enterprises ended 0.5% lower at INR 1,927.10 on the NSE. Shares of ICICI Bank ended down 0.4% at INR 1,245.40.  End

 

Reported by Surya Tripathi

Edited by Avishek Dutta

 

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