Adani’s JAL acquisition faces legal challenge from Vedanta
Anil Agarwal headed Vedanta, is not giving up. Business conglomerate Vedanta Group has approached the National Company Law Appellate Tribunal (NCLAT), challenging the NCLT’s approval to Adani Group‘s bid for acquiring Jaiprakash Associates Ltd for Rs.14,535 crore.
Vedanta Group was in the race to acquire Jaiprakash Associates Ltd (JAL) through an insolvency process, but the lenders in November last year approved the resolution plan or bid of Adani Enterprises Ltd. On March 17, the National Company Law Tribunal (NCLT), Allahabad bench, approved Adani Enterprises Ltd’s Rs.14,535 crore bid to acquire Jaiprakash Associates Ltd (JAL) through the insolvency process.
In a regulatory filing, JAL had informed that the NCLT, Allahabad bench, has “orally pronounced an order on March 17, 2026” approving the resolution plan submitted by Adani Enterprises Ltd. Now, mining giant Vadanta has filed an appeal against the said NCLT order before the appellate insolvency tribunal NCLAT.
The matter is listed for hearing on Monday before a two-member bench comprising Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra. In November last year, a Committee of Creditors (CoC) approved the resolution plan by business tycoon Gautam Adani to acquire JAL. Adani Enterprises had outbid Vedanta and Dalmia Bharat to win the bid for JAL. Adani got the maximum 89 per cent votes from creditors, followed by Dalmia Cement (Bharat) and Vedanta Group.
JAL, which has high-quality assets and business interests spanning real estate, cement manufacturing, hospitality, power, and engineering & construction, was admitted to the CIRP in June 2024 after it defaulted on payments of loans aggregating Rs.57,185 crore. JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, located near the upcoming Jewar International Airport.
It also has three commercial/ industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other companies.
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