NCLAT has refused to stay Adani’s Rs. 14,543 crore resolution plan for Jaiprakash Associates Limited, while seeking responses from lenders, allowing the insolvency process to continue amid ongoing legal scrutiny.
The National Company Law Appellate Tribunal (NCLAT) on Tuesday (March 24, 2026) refused to stay implementation of billionaire Gautam Adani-led Adani Enterprises Ltd’s Rs. 14,543-crore resolution plan for bankrupt Jaiprakash Associates Ltd (JAL). It has also declined to halt the company’s delisting.
A bench led by chairperson Justice Ashok Bhushan said the plan’s implementation would continue in the meantime.
“Implementation of the plan shall go on, and however that shall abide by the result of this case,” the bench remarked.
The appellate tribunal declined to grant an interim stay on Vedanta’s plea, but agreed to hear the matter and sought responses from the Committee of Creditors (CoC) within a week.
Vedanta, led by Anil Agarwal, has challenged the Allahabad bench of the National Company Law Tribunal’s (NCLT) 17 March order approving Adani Enterprises’ plan and rejecting the mining company’s objections. It had earlier termed the approval a “commercial conspiracy” and sought reconsideration of its own bid.
“The matter is sub judice and hence we cannot comment,” a Vedanta spokesperson said in response to Mint’s query. Queries sent to the Adani Group remained unanswered till press time.
Vedanta has argued that lenders failed to maximize value through a fair process, claiming it was the highest bidder with an offer of Rs. 12,505.85 crore on a net present value (NPV) basis. Despite this, lenders approved Adani’s plan, which Vedanta says was lower by about Rs. 3,400 crore in total value and Rs. 500 crore in NPV. The company also alleged procedural unfairness, saying it was neither given reasons nor an opportunity to clarify its proposal.
Vedanta further pointed to an improved offer submitted on 8 November 2025, increasing upfront cash to about Rs. 6,563 crore and equity infusion to Rs. 800 crore.
At the centre of the dispute is how value should be assessed under the Insolvency and Bankruptcy Code (IBC).
Velocity Enterprises, a Bhopal-based contractor, has also approached the NCLAT after the NCLT rejected its claim of over Rs. 1 crore related to contractual work on 17 March.
Adani’s plan secured about 93.8% of the voting share from financial creditors, well above the required threshold. National Asset Reconstruction Co. Ltd (NARCL), the largest creditor, played a key role in backing the plan.
Under the resolution plan, Adani Enterprises’ bid stands at about Rs. 14,543 crore. Including Rs. 800 crore earmarked for capex and working capital, the total plan value is around Rs. 15,343 crore. Against admitted claims of about Rs. 60,637 crore, this implies a recovery of roughly 24%.
Lenders said resolution plans were evaluated on multiple factors, including upfront cash, feasibility and execution capability, not just headline value. Adani’s plan was preferred as it offered around Rs. 6,000 crore upfront and faster payments within two years, compared with Vedanta’s payout timeline of up to five years.
The next hearing is on 9 April.
The CoC defended its decision, saying the process complied with IBC rules and that no bidder has a guaranteed right to win, even if it offers the highest value.
They also rejected Vedanta’s revised offer, saying it came after the bidding had closed and accepting it would have required restarting the process. According to lenders, all bidders were given equal opportunity and multiple chances to improve their offers.