Vedanta Group has moved the National Company Law Appellate Tribunal (NCLAT) against the approval of Adani Group’s bid to acquire Jaiprakash Associates Ltd (JAL) for Rs 14,535 crore. Adani Enterprises emerged as the top bidder in the insolvency process, with Dalmia Bharat and Vedanta trailing. The Committee of Creditors (CoC) said the Adani plan secured 89 per cent of the votes. Adani’s offer included about Rs 6,000 crore upfront and payments within two years, while Vedanta’s plan stretched up to five years. JAL was admitted into the Corporate Insolvency Resolution Process (CIRP) in June 2024 after defaulting on loans worth Rs 57,185 crore.

Source: The Telegraph March 22, 2026 16:17 UTC