NCLAT Declines to Suspend Adani's ₹14,543 Crore JAL Resolution Plan, Seeks Lenders' Feedback

National Company Law Appellate Tribunal (NCLAT) Refuses to Stay Implementation of Adani Enterprises' ₹14,543-Crore Resolution Plan

On Tuesday, the NCLAT declined to stay the implementation of Adani Enterprises Ltd's ₹14,543-crore resolution plan for bankrupt Jaiprakash Associates Ltd (JAL), allowing the process to move ahead while it hears Vedanta Ltd's challenge. The appellate tribunal also rejected Vedanta's plea to halt the delisting of JAL, noting the Committee of Creditors (CoC)'s argument that if the resolution plan is later set aside, all steps taken under it, including delisting, would automatically stand reversed.

The next hearing is scheduled for 9 April. Vedanta, led by Anil Agarwal, has challenged the Allahabad bench of the National Company Law Tribunal (NCLT)'s 17 March order approving Adani Enterprises' plan and rejecting its objections. The dispute centers on how value should be assessed under the Insolvency and Bankruptcy Code (IBC).

Key Figures:

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• ₹14,543 crore: Adani Enterprises' resolution plan for Jaiprakash Associates Ltd
• ₹12,505.85 crore: Vedanta's offer on a net present value (NPV) basis
• ₹3,400 crore: Difference between Adani's and Vedanta's total value
• ₹500 crore: Difference between Adani's and Vedanta's net present value
• ₹6,563 crore: Upfront cash in Vedanta's improved offer
• ₹800 crore: Equity infusion in Vedanta's improved offer
• ₹60,637 crore: Admitted claims against Jaiprakash Associates Ltd
• 24%: Recovery implied by the resolution plan

Timeline:

• 8 November 2025: Vedanta submitted an improved offer
• 17 March: NCLT approved Adani Enterprises' plan and rejected Vedanta's objections
• 9 April: Next hearing in the NCLAT