Vedanta Approaches NCLAT, Challenges Adani’s Bid to Acquire Jaiprakash Associates

The Vedanta Group has approached the National Company Law Appellate Tribunal (NCLAT) regarding the acquisition of Jaiprakash Associates Limited (JAL). The company has challenged the approval granted by the National Company Law Tribunal (NCLT) to the Adani Group’s bid to acquire Jaiprakash Associates Limited for ₹14,535 crore. The Anil Agarwal-led Vedanta Group was among the contenders vying to acquire Jaiprakash Associates Limited through the insolvency resolution process; however, the lenders had approved the resolution plan—or bid—submitted by Adani Enterprises Limited in November of last year.

NCLT Had Approved Adani Enterprises’ Bid

On March 17, the Allahabad Bench of the NCLT approved Adani Enterprises’ bid of ₹14,535 crore for the acquisition of JP Associates through the insolvency resolution process. JP Associates informed the stock exchanges that the NCLT had approved Adani’s plan while “orally pronouncing the order on March 17, 2026.” Vedanta, a giant in the mining sector, has now filed an appeal with the National Company Law Appellate Tribunal (NCLAT) against this NCLT order. The matter is listed for hearing on Monday before a two-member bench comprising Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra.

Adani Secured 89 Percent of Lenders’ Votes

In November of last year, the Committee of Creditors (CoC) approved Gautam Adani’s resolution plan for the acquisition of JP Associates. Adani Enterprises had outbid Vedanta and Dalmia Bharat to win this bid. Adani secured the highest share of votes from the lenders—89 percent—followed by Dalmia Cement (Bharat) and the Vedanta Group. JP Associates holds high-quality assets across the real estate, cement manufacturing, hospitality, power, and engineering and construction sectors. The company defaulted on debt repayments totaling ₹57,185 crore.