NCLAT dismissed Vedanta’s plea, where it had questioned the evaluation metrics adopted and had said its bid was Rs 3,400 crore higher in gross value terms and roughly Rs 500 crore more in net present value compared to the Adani Group’s bid. It said the decision of the Committee of Creditors (CoC) to not approve the resolution plan of the appellant with a higher plan value of Rs 3,400 crore and NPV of Rs 500 crore as compared to plan of respondent (Adani) cannot be said to be arbitrary or perverse.

Vedanta approached the NCLAT in March, challenging the National Company Law Tribunal’s (NCLT) approval to Adani Group’s resolution plan for acquiring debt-laden Jaiprakash Associates under the Insolvency and Bankruptcy Code.

NCLT, Allahabad branch, pronounced an order on March 17, 2026 approving the resolution plan dated October 14, 2025 submitted by Adani Enterprises Ltd (AEL). AEL raced ahead and outbid Vedanta for JAL.

Adani Enterprises had earlier secured the CoC approval — dominated by National Asset Reconstruction Company Ltd — for its Rs 14,535 crore bid to acquire Jaiprakash Associates in November 2025. It emerged as the winning bidder for Jaiprakash Associates despite being outbid by Vedanta by nearly Rs 2,000 crore.

The auction attracted interest from five major players — Adani, Vedanta, Dalmia Cement, Jindal Power and PNC Infratech. While the floor price was Rs 12,000 crore, only Adani and Vedanta remained in the final round. Vedanta submitted the higher overall bid of around

Rs 16,000 crore, which included an upfront payment and the balance to be paid over five years. In contrast, Adani’s bid totalled Rs 14,535 crore, featuring a higher upfront component of over Rs 6,000 crore, with the remaining scheduled for payment within two years.