NCLAT Directs Vedanta To Implead Adani Group As Party In Appeals Against NCLT Approval Of ₹14,535 Crore Jaiprakash Associates Resolution Plan

New Delhi: The insolvency appellate tribunal NCLAT on Monday directed the Vedanta Group to make the Adani Group a party in its appeals challenging the NCLT's approval to Adani Group's bid for acquiring Jaiprakash Associates Ltd (JAL) for Rs 14,535 crore.

The National Company Law Appellate Tribunal's (NCLAT) two-member bench, comprising Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra, directed Vedanta to serve the petition to the successful resolution applicant (Adani Enterprises Ltd) by the end of the day and to implead them as a party.

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The bench, which has now posted the matter for hearing on Tuesday, said it can not pass any order ex-parte order in this matter.

"We can not pass any ex parte order… You have not impleaded them as a party,” the bench said.

Adani Enterprises has already filed caveats before the National Company Law Appellate Tribunal (NCLAT) in this matter.

Vedanta Group has filed two appeals before the NCLAT against the NCLT order.

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In the first one, it has challenged the validity of the resolution plan, and in the second one, it has challenged the approval of the plan by the Committee of Creditors and the adjudicating authority (NCLT).

Anil Agarwal-led Vedanta Group was in the race to acquire 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 through the insolvency process.

Now, mining giant Vadanta has filed an appeal against the said NCLT order before the appellate insolvency tribunal NCLAT.

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.

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Adani got the maximum 89 per cent votes from creditors, followed by Dalmia Cement (Bharat) and Vedanta Group.

The CoC, however, defended its decision, saying the process complied with all insolvency and Bankruptcy Code (IBC) rules. They maintained that no bidder has a guaranteed right to win, even if it offers the highest value.

They said plans were evaluated on multiple factors, including upfront cash, feasibility, and execution, not just headline value.

Adani's bid was preferred as it offered around Rs 6,000 crore upfront and faster payments within two years, compared with Vedanta's longer payment timeline of up to five years.

Lenders also rejected Vedanta's revised offer, saying it was submitted after bidding had closed and accepting it would require restarting the process. They added that all bidders were given equal opportunity and multiple chances to improve their bids.

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.

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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.

(Except for the headline, this article has not been edited by FPJ's editorial team and auto-generated from an agency feed.)

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