The National Company Law Appellate Tribunal (NCLAT) has accepted the plan proposed by the Adani Group to rehabilitate Jaiprakash Associates Limited (JAL). Vedanta Group's petition challenging the process has also been dismissed.

A division bench headed by Justice (Retd.) Ashok Bhushan and Technical Member Barun Mitra has affirmed the previous order of the NCLT, stating that there are no grounds for the Appellate Authority to deviate from its order.

The tribunal further observed that the Committee of Creditors (CoC) had correctly rejected the proposal of the Vedanta Group. The tribunal observed that it was not unjustified for the CoC to ignore the addendum during its 24th meeting held on November 14, 2025.

The court further stated that there were no irregularities in the resolution plan and effectively validated the process by upholding the committee's professional prudence. The court stated that it finds no basis to interfere with the order passed by the adjudicating authority.

Jaiprakash Associates Limited (JAL) was admitted to the corporate insolvency resolution process by the Allahabad bench of the NCLT on June 3, 2024. Previously, the appellate tribunal had refused to grant an interim stay on the implementation of the Adani Group's resolution plan, despite objections raised by Vedanta. Vedanta had argued that its bid was financially superior.

The NCLAT heard Vedanta's appeal challenging the approval of Adani's ₹14,535 crore bid for JAL. Vedanta argued that the net present value (NPV) of its offer was higher by ₹12,505 crore. However, the tribunal clarified at the time that any steps taken under Adani's resolution plan would be subject to the final outcome of Vedanta's petition.

JAL entered bankruptcy proceedings in June 2024 after defaulting on loans worth over ₹57,000 crore. With Vedanta's appeal dismissed, the appellate tribunal has now paved the way for Jaypee to implement the Adani Group's resolution plan.