National Company Law Appellate Tribunal Reserves Verdict in Adani Enterprises vs Vedanta Limited Battle for JAL
JAL Acquisition Case: NCLAT has reserved its decision on Vedanta's petitions challenging the approval of Adani Enterprises' bid to acquire Jaypee Associates. Vedanta has challenged why creditors rejected its higher bid of ₹17,926 crore and chose Adani's lower bid of ₹14,535 crore. This legal battle is now in its final stages.
Muskan Kumawat Verified Local Voice • 13 Apr, 2026Author
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“National Company Law Appellate Tribunal Reserves Verdict in Adani Enterprises vs Vedanta Limited Battle for JAL”
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22 Apr 2026
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National Company Law Appellate Tribunal Reserves Verdict in Adani Enterprises vs Vedanta Limited Battle for JAL
The ongoing legal battle between Adani and Vedanta regarding acquisition of distressed Jaypee Associates Limited (JAL) has reached a critical juncture. In this regard, the National Company Law Appellate Tribunal (NCLAT) has reserved its judgment on the petitions filed by the Vedanta Group on Wednesday.
In the matter, a two-member Bench of NCLAT comprising Justice Ashok Bhushan, Chairman, and Technical Member Barun Mitra completed a lengthy hearing. At the hearing, arguments were presented on behalf of Vedanta, RP, CoC, and Adani Enterprises. Now, both parties have been asked to submit their written submissions within two days.
The lawyer representing Vedanta raised serious questions about the valuation standards adopted by Jaypee Associates' creditors. He argued that Vedanta had submitted a high bid of ₹17,926 crore for JAL, while Adani Enterprises had submitted a bid of ₹14,535 crore. Vedanta alleged that rejecting its bid despite a higher offer and choosing Adani's lower bid was unreasonable.
On the other hand, the Committee of Creditors (CoC) defended itself. The CoC stated that the entire process was conducted within the framework of the Insolvency and Bankruptcy Code (IBC). They stated that no bidder has a guaranteed right to win based solely on the highest price.
Creditors argued that any revival plan is evaluated based on several factors: immediate cash flow, the plan's viability, future performance, and execution capabilities, not simply the large amount. Significantly, Adani Enterprises received 89 percent of creditors' support in the voting process, while Dalmia Cement and Vedanta finished second and third, respectively.
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Earlier, on March 17, the NCLT approved the Adani Group's bid, against which the Anil Agarwal-led Vedanta Group appealed. On March 24, the NCLAT refused to grant an interim stay, but clarified that the entire matter would remain subject to the final outcome of the appeals. The matter also reached the Supreme Court, where the apex court refused to grant a stay. However, the Supreme Court did direct that if the monitoring committee takes any major policy decision, it must first obtain the tribunal's approval.
Jaypee Associates, which entered bankruptcy proceedings in June 2024 due to a massive debt of ₹57,185 crore, holds valuable assets in the country. In terms of real estate, Jaypee Associates owns Jaypee Greens in Greater Noida, part of Wishtown in Noida, and the International Sports City near Jewar International Airport.
The company also has a strong presence in the hotel and hospitality sector. It owns five luxury hotels located in tourist destinations like Delhi-NCR, Agra, and Mussoorie. Jaypee Associates also owns four cement plants and leased limestone mines in Madhya Pradesh and Uttar Pradesh. Jaypee Associates also holds stakes in key subsidiaries such as Jaypee Power Ventures and Yamuna Expressway Tolling. All eyes are now on the final decision of the NCLAT, which will decide whether the future of Jaypee Associates is safe in the hands of Adani or whether Vedanta's arguments hold merit.
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