Vedanta Challenges Adani’s Insolvency Proposal For JAL In NCLAT; Cites Lower Bid, Opaque CoC Process
· Free Press Journal
Anil Agarwal-led Vedanta has challenged the approval of Adani Enterprises’ resolution plan for Jaiprakash Associates Limited (JAL) before the National Company Law Appellate Tribunal (NCLAT), alleging that the winning bid is lower than the company’s liquidation value.
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It alleged that the decision-making process lacked transparency. Vedanta said the committee of creditors (CoC) approved Adani’s Rs 14,535 crore plan despite JAL’s liquidation value being estimated at Rs 15,799.53 crore.
The company contended that creditors would have been better off under liquidation rather than accepting a lower bid.
SC Allows Adani’s ₹14,543 Cr JAL Plan To Proceed, Vedanta Challenge Rejected But Case ContinuesVedanta also claimed that its own offer of around Rs 17,926 crore not only exceeded the liquidation value but also maximised recovery for stakeholders.
It argued that the CoC failed to provide adequate reasoning for selecting a lower-value proposal over a higher one.
The dispute stems from the insolvency resolution process of JAL, where Adani’s plan received 93.8 percent voting approval from lenders in November 2025 and was later cleared by the National Company Law Tribunal (NCLT) in March 2026.
Vedanta has raised concerns over the integrity of the bidding process, alleging that there was a lack of transparency in how competing bids were evaluated.
NCLAT Directs Vedanta To Implead Adani Group As Party In Appeals Against NCLT Approval Of ₹14,535 Crore Jaiprakash Associates Resolution PlanIt said the CoC did not record meaningful deliberations and questioned the design of the challenge mechanism used during the bidding rounds.
According to the company, bidders were only informed about the highest net present value (NPV) after each round, without clarity on upfront or deferred payment components. This, it argued, restricted participants from effectively improving their offers.
Vedanta further alleged that it was the only active participant in the challenge process, enhancing its bid multiple times while remaining open to further revisions. Despite this, its proposal was not accepted.
The company also stressed that financial creditors act in a fiduciary capacity for all stakeholders, including employees, operational creditors, and homebuyers, and must prioritise value maximisation under insolvency laws.
The matter is now scheduled for further hearing at the NCLAT on April 13. The outcome of the case is expected to test the limits of creditors’ commercial wisdom and set a precedent for how resolution plans are evaluated under India’s insolvency framework.