Vedanta Accuses Jaiprakash of Favoring Adani in Bidding Process

Vedanta Slams Adani for Alleged Bias in Jaiprakash Associates Insolvency Case

A high-stakes contest between Indian conglomerates Vedanta Ltd and Adani Enterprises Ltd for control of debt-laden infrastructure company Jaiprakash Associates has taken an escalation with Vedanta accusing lenders of favouring Adani's resolution plan.

According to Vedanta's counsel Abhijeet Sinha, the company submitted the highest bid, but was ignored in favour of Adani's over ₹15,000-crore resolution plan for Jaiprakash Associates. Vedanta's bid was declared the highest, but its claims were not accepted, raising concerns over transparency and fairness.

The bidding process in the Jaiprakash Associates Ltd insolvency case was "tailor-made" by lenders to favour Adani Group, Vedanta alleged. The company questioned the design of the bidding process, stating that key financial components of competing bids were not disclosed. Bidders were informed only of the highest net present value (NPV) after each round, without clarity on upfront cash or deferred payment structures, limiting their ability to optimize offers.

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Comparison of Resolution Plans

Adani secured approval from the CoC in November 2025, with 93.8% of the votes in favour of its resolution plan. The National Asset Reconstruction Co Ltd, the largest lender, played a key role with about 82% voting share. Other lenders include IDBI Bank (4.03%), Axis Bank (1.58%), Bank of New York Mellon (1.52%), and State Bank of India (1.33%).

The plan was approved by the Allahabad bench of the National Company Law Tribunal (NCLT) on 17 March 2026. Vedanta then moved the NCLAT and approached the Supreme Court to stop the plan. The Supreme Court refused to stay the process on 6 April, allowing implementation to continue, but directed that any major decision related to the resolution plan would require prior approval of the NCLAT.

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The outcome of the takeover now hinges on the NCLAT's decision. Vedanta has argued that it was effectively the only serious participant in the challenge process, which ran through five rounds. The company said it improved its offer twice by ₹250 crore and remained willing to enhance it further.

The dispute lies at the heart of the interpretation of "value maximization" under the Insolvency and Bankruptcy Code. Vedanta contends that the CoC, acting in a fiduciary capacity for all stakeholders, failed to uphold this principle by favouring a plan with higher upfront payment rather than maximising overall recovery.

The final ruling in the case could set a key precedent on value assessment under the IBC and test the limits of the CoC's commercial wisdom in rejecting a higher bid. High-value assets at stake include nearly 4,000 acres across Noida, Greater Noida, and the Yamuna Expressway, along with hotels, commercial assets, cement capacity, and an F1 track.