NCLAT Clears Adani Group’s ₹14,535 Cr Plan for Jaiprakash Associates Limited

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.