More Stories

Informist, Wednesday, May 6, 2026

 

NEW DELHI – Adani Enterprises Ltd. has filed a caveat before the Supreme Court, expecting an appeal by Vedanta Ltd. against the National Company Law Appellate Tribunal's order to approve Adani's INR-145-billion resolution plan for debt-ridden Jaiprakash Associates Ltd. A caveat in law is an application with a court or public registry to prevent actions such as issuing a grant, order, or ruling without first notifying the party that filed it. 

 

On May 4, the appellate tribunal had ruled that the decision of the committee of creditors of Jaiprakash Associates to approve Adani Enterprises' resolution plan was not arbitrary and erroneous. The committee did not commit any material irregularity in approving Adani Enterprises' resolution plan, the appellate tribunal said.

 

The lenders' panel, which chose Adani Enterprises' lower bid over Vedanta's, had taken the decision in its "commercial wisdom", said the appellate tribunal. There was nothing legally perverse and untenable in the committee of creditor's decision, it said. No ground had been made by Vedanta for interfering in the decision of the Allahabad bench of the National Company Law Tribunal in approving Adani Enterprises' resolution plan for Jaiprakash Associates, it added.

 

Challenging Adani Enterprises' resolution plan for Jaiprakash Associates, Vedanta had told the National Company Law Appellate Tribunal that upfront payment couldn't be treated as the sole or dominant criterion in determining a successful resolution applicant's plan. Adani Enterprises had won the bid to acquire Jaiprakash Associates with a resolution plan offering a superior upfront cash payment, despite a higher total bid from Vedanta. 

 

In 2024, the Allahabad bench of the National Company Law Tribunal admitted ICICI Bank Ltd.'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 Ltd.

 

At 1214 IST, shares of Vedanta were trading 2.3% higher at INR 310.80, those of Adani Enterprises were trading 1.4% higher at INR 2,497.50, and ICICI Bank was up 0.5% at INR 1,256.90 on the National Stock Exchange.  End 

 

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

 

Reported by Surya Tripathi

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.