The National Company Law Appellate Tribunal (NCLAT) has rejected Vedanta Ltd’s plea seeking to halt the implementation of Adani Enterprises’ resolution plan for Jaiprakash Associates Ltd (JAL), paving the way for the Adani Group’s acquisition process to continue.
A bench led by NCLAT Chairperson Justice Ashok Bhushan dismissed the appeals filed by Vedanta, which had challenged the approval granted to Adani Enterprises’ bid under the corporate insolvency resolution process. The tribunal upheld the earlier order of the National Company Law Tribunal (NCLT) approving Adani’s resolution plan for the debt-laden infrastructure company.
Vedanta had contended that its offer was…