The National Company Law Appellate Tribunal (NCLAT) on May 4 dismissed appeals filed by Vedanta Limited challenging the selection of Adani Enterprises as the successful bidder for debt-laden Jaiprakash Associates Limited under the insolvency resolution process.
A two-member bench comprising NCLAT Chairperson Ashok Bhushan and Technical Member Barun Mitra ruled that there was “no merit” in Vedanta’s appeal and upheld the lenders’ decision to back Adani’s bid.
The ruling clears the way for the Adani Group’s approximately ₹14,500-crore acquisition of Jaiprakash Associates, which is undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC).
Vedanta had challenged a March 2026 order of the…