Vedanta Ltd has moved the National Company Law Appellate Tribunal (NCLAT) against the approval of Adani Enterprises’ ₹14,543 crore resolution plan for Jaiprakash Associates. The appeal follows the National Company Law Tribunal’s (NCLT) March 17 order clearing Adani’s takeover and rejecting Vedanta’s objections.
The Adani Group’s acquisition of debt-laden Jaiprakash Associates marks one of India’s largest insolvency resolutions. While creditors overwhelmingly backed Adani’s bid, Vedanta has contested the process, arguing its own offer was overlooked. The NCLAT will now examine whether due procedures were followed.
Background Of The Case
Jaiprakash Associates, part of the Jaypee Group, has been under insolvency proceedings since 2022. Adani Enterprises’ resolution plan, valued at ₹14,543 crore, received nearly 94% creditor approval, paving the way for takeover of cement plants, real estate assets, and land parcels.
Vedanta’s Appeal
Vedanta claims its ₹12,505 crore bid offered better net present value returns and alleges procedural lapses in the bidding process. The company argues that its revised offer was ignored, prompting the appeal to NCLAT.
Adani’s Position
Adani Enterprises maintains that its plan was lawfully approved by creditors and upheld by the NCLT. The group is set to acquire prime assets, including cement plants in Uttar Pradesh and Madhya Pradesh, and land near Noida airport.
Industry Implications
The case underscores rising competition among conglomerates in India’s infrastructure and cement sectors. The NCLAT’s ruling will determine whether Adani’s takeover proceeds smoothly or faces further delays.
Key Highlights
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Vedanta appeals NCLAT against Adani takeover
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NCLT approved Adani’s ₹14,543 crore plan on March 17
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Vedanta claims its bid offered better value
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Adani set to acquire cement plants and real estate assets
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NCLAT to review procedural fairness, not re-bid evaluation
Sources: Mint, Business Standard, NewsBytes, Hindustan Times, BW Businessworld