National Company Law Appellate Tribunal Refuses to Suspend Adani Group's Resolution Plan for Jaiprakash Associates

Vedanta's Bid for Jaypee Group Assets Hit with Setback

National Company Law Appellant Tribunal (NCLAT) has denied a request by Vedanta to stay the resolution plan submitted by Adani Group for the acquisition of Jaypee Group's assets. The two-member bench has allowed the implementation of the resolution plan to proceed, pending the outcome of Vedanta's appeal.

Background

The dispute revolves around the acquisition of Jaypee Group's Rs 57,000 crore assets, with both Adani and Vedanta submitting bids. Adani Group bid for Rs 14,535 crore, with Rs 6,000 crore in upfront cash and the remaining payable in two years. In contrast, Vedanta bid for Rs 16,726 crore, with Rs 6,563 crore in upfront payment and the rest payable in five years. Despite Vedanta's higher bid value, 90% of creditors voted in favor of Adani's proposal due to the faster payment schedule.

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Timeline

• November 2025: Vedanta initially bid for Rs 17,000 crore, with Rs 4,000 crore payable immediately and the rest in 5-6 years.
• Following Adani's bid, Vedanta revised its offer to Rs 16,726 crore, with Rs 6,563 crore in upfront payment.

Next Steps

The case will be heard next on April 10, with all parties required to file their responses to Vedanta's petition. Vedanta's arguments will be considered in future hearings, while the implementation of Adani's resolution plan will proceed pending the outcome of the appeal.

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