Vedanta Challenges Adani’s Acquisition of Jaiprakash Associates in Appellate Tribunal

New Delhi, March 23, 2026: 

The corporate battle for Jaiprakash Associates Ltd (JAL) has intensified as the Vedanta Group approached the National Company Law Appellate Tribunal (NCLAT) to challenge the recent approval of Adani Group’s acquisition bid. The appeal seeks to overturn a decision by the National Company Law Tribunal (NCLT) that cleared the path for Adani Enterprises Ltd to take over the debt-laden firm for a sum of Rs 14,535 crore.

The legal move follows the March 17 ruling by the NCLT’s Allahabad bench, which sanctioned Adani’s resolution plan. In a regulatory filing, JAL confirmed that the tribunal had “orally pronounced an order on March 17, 2026” approving the bid submitted by Adani Enterprises Ltd. The matter is now scheduled for an immediate hearing before an NCLAT bench led by Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra.

The insolvency race for JAL saw significant competition between India’s top industrial giants. In November last year, the Committee of Creditors (CoC) favored Gautam Adani’s proposal over rival offers from Vedanta and Dalmia Bharat. Adani secured a dominant 89 per cent of the creditors’ votes, effectively sidelining the Anil Agarwal-led Vedanta Group.

JAL was originally admitted into the Corporate Insolvency Resolution Process (CIRP) in June 2024. The proceedings were triggered after the company defaulted on massive loan obligations totaling Rs 57,185 crore. Despite its financial distress, the company remains a highly sought-after prize due to its diverse portfolio, which includes cement manufacturing, hospitality, power, and high-value real estate.

The company’s asset base includes significant developments such as Jaypee Greens in Greater Noida and portions of Jaypee Greens Wish Town in Noida. Furthermore, JAL holds the Jaypee International Sports City, situated near the strategic Jewar International Airport, along with three major commercial and industrial office spaces within the Delhi-NCR region.