NEW DELHI: The Vedanta Group, a major business conglomerate, has approached the National Company Law Appellate Tribunal (NCLAT), disputing the approval given by the NCLT to the Adani Group’s bid for acquiring Jaiprakash Associates Ltd for ₹14,535 crore.
Led by Anil Agarwal, Vedanta was also contending for the acquisition of Jaiprakash Associates Ltd (JAL) via an insolvency procedure. However, in November last year, lenders approved Adani Enterprises Ltd’s resolution plan.
On March 17, the Allahabad bench of the National Company Law Tribunal (NCLT) officially sanctioned Adani Enterprises Ltd’s ₹14,535 crore bid for JAL during the insolvency proceedings. JAL announced in a regulatory filing that the NCLT had “orally pronounced an order on March 17, 2026,” in favor of Adani’s resolution plan.
Now, Vedanta has filed an appeal against the NCLT ruling with the NCLAT, where the matter is set for hearing on Monday before a panel consisting of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra.
In November, the Committee of Creditors (CoC) endorsed Gautam Adani’s resolution plan for JAL. Adani secured the highest approval, obtaining 89% of the creditors’ votes, surpassing bids from Vedanta and Dalmia Bharat.
JAL is recognized for its superior assets, including real estate holdings, cement production, hospitality, power, and engineering & construction sectors. It entered the Corporate Insolvency Resolution Process (CIRP) in June 2024 after defaulting on loan payments totaling ₹57,185 crore.
Some of JAL’s significant projects include Jaypee Greens in Greater Noida, the Wishtown in Noida, and the Jaypee International Sports City near the upcoming Jewar International Airport. Additionally, it manages commercial office spaces in Delhi-NCR and operates hotels in Delhi-NCR, Mussoorie, and Agra.
JAL also owns four cement plants located in Madhya Pradesh and Uttar Pradesh, along with a few leased limestone mines in Madhya Pradesh. The company has stakes in subsidiaries such as Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, and Jaypee Infrastructure Development Ltd.
