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Informist, Thursday, Feb. 12, 2026

 

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

 

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 that was adopted to approve the 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, it should either have not participated in the process or should have challenged it before participating, the panel said.

 

"We got a fair offer, we are not cancelling the process and going back," the committee said. The tribunal will continue the hearing Friday.

 

In 2024, the tribunal had admitted ICICI Bank's insolvency petition against Jaiprakash Associates under the Insolvency and Bankruptcy Code for a 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. The corporations 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.

 

Jaiprakash Associates is engaged in a wide array of businesses, including engineering and construction, cement, power, real estate, fertiliser, and hospitality, including through investments in subsidiaries and affiliates. The implementation of the resolution plan is subject to approvals from the National Company Law Tribunal and other regulatory authorities and courts.

 

Thursday, shares of Vedanta ended slightly higher at INR 702.75 on the National Stock Exchange. Shares of Jaiprakash Associates ended 4.8% higher at INR 3.52 while shares of Adani Enterprises ended 1% lower at INR 2,211.80 on the NSE. Shares of ICICI Bank ended 1.7% higher at INR 1,430.  End

 

Reported by Surya Tripathi

Edited by Rajeev Pai

 

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