NCLAT Reserves Order on Vedanta's Pleas Against Selection of Adani's Bid for JAL

New Delhi, April 22: A two-member NCLAT bench comprising Chairperson Ashok Bhushan and Member Technical Barun Mitra concluded its hearing and asked both parties to submit written submissions within the next two days.

Key Dispute

• Adani Enterprises bid: ₹14,535 crore (selected by CoC)

• Vedanta bid: ₹17,926 crore (higher but rejected)

• Adani got: 89% votes from creditors

Vedanta's Argument

Vedanta's counsel questioned the evaluation metrics adopted by JAL lenders, who selected Adani's lower bid over Vedanta's higher offer.

CoC's Defence

The Committee of Creditors defended its decision, saying:

• The process complied with all IBC rules

• No bidder has a guaranteed right to win, even if it offers the highest value

• Plans were evaluated on multiple factors, including upfront cash, feasibility, and execution – not just headline value

Background

• March 17, 2026: NCLT approved Adani Group's bid

• March 24, 2026: NCLAT declined interim stay on Vedanta's plea but said the plan would be subject to appeal outcome

• Supreme Court: Declined to grant stay but directed that if the monitoring committee planned any major policy decision, it should first obtain Tribunal's sanction

About Jaiprakash Associates (JAL)

• Admitted to CIRP: June 2024

• Default amount: ₹57,185 crore

• Assets include: Jaypee Greens (Greater Noida), Jaypee Greens Wishtown (Noida), Jaypee International Sports City (near Jewar Airport), 3 commercial/industrial office spaces in Delhi-NCR, 5 hotel properties, 4 cement plants in MP & UP, investments in subsidiaries