Business
NCLAT Upholds Adani Group Bid for Jaiprakash Associates, Rejects Vedanta Challenge
Tribunal backs ₹14,535 crore offer; says CoC decision was justified
The National Company Law Appellate Tribunal (NCLAT) has dismissed petitions filed by Vedanta Ltd, rejecting its challenge to the successful bid submitted by the Adani Group for the bankrupt Jaiprakash Associates Ltd (JAL).
A bench led by Justice (Retd.) Ashok Bhushan and Technical Member Barun Mitra ruled that there was no merit in Vedanta’s objections.
The tribunal upheld the decision of the Committee of Creditors (CoC), which had approved Adani Group’s ₹14,535 crore resolution plan over Vedanta’s competing bid.
Jaiprakash Associates’ assets include major infrastructure projects, notably India’s only Formula One racing venue, the Buddh International Circuit.
The ruling clears the way for the Adani Group to proceed with the acquisition, marking a significant development in one of the country’s high-profile insolvency cases.
