Vedanta The group has moved NCLAT in the Jaiprakash Associates Limited (JAL) acquisition case. The company has challenged the National Company Law Tribunal (NCLT) approval granted to Adani Group’s bid to acquire Jaiprakash Associates Ltd for Rs 14,535 crore. Anil Agarwal-led Vedanta Group was in the race to acquire Jaiprakash Associates Ltd through the insolvency process, but lenders had approved the resolution plan or bid of Adani Enterprises Ltd in November last year.
NCLT had approved the bid of Adani Enterprises
The Allahabad bench of NCLT had on March 17 approved Adani Enterprises’ Rs 14,535 crore bid to acquire Jaypee Associates through the insolvency process. Jaypee Associates had told the stock market that NCLT has approved Adani’s plan “by delivering its oral order on March 17, 2026”. Mining sector giant Vedanta has now filed an appeal against that order of NCLT in the National Company Law Appellate Tribunal (NCLAT). The matter is listed for hearing on Monday before a two-member bench comprising Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra.
Adani got 89 percent votes of lenders
In November last year, the Committee of Creditors (CoC) had approved Gautam Adani’s resolution plan for the acquisition of JP Associates. Adani Enterprises had left Vedanta and Dalmia Bharat behind to win this bid. Adani had received the highest 89 percent votes from lenders, followed by Dalmia Cement (India) and Vedanta Group. Jaypee Associates has high-quality assets across real estate, cement manufacturing, hospitality, power and engineering and construction sectors. The company had defaulted on loan payments totaling Rs 57,185 crore.