The National Company Law Appellate Tribunal (NCLAT) on Tuesday declined to halt the implementation of Adani Enterprises Ltd’s Rs. 14,543-crore resolution plan for the debt-ridden Jaiprakash Associates Ltd, allowing the process to proceed even as it agreed to hear a challenge filed by Vedanta Ltd.

The bench led by Justice Ashok Bhushan refused to grant interim relief to Vedanta, making it clear that execution of the resolution plan would continue during the pendency of the case. The tribunal observed that while the process may move forward, it will remain subject to the final outcome of the appeal.

At the same time, the appellate body rejected Vedanta’s request to stay the delisting of Jaiprakash Associates. The Committee of Creditors (CoC) had argued that any actions taken under the plan—including delisting—would automatically be reversed if the tribunal ultimately sets aside the resolution. Accepting this reasoning, the NCLAT allowed the process to proceed uninterrupted for now. The next hearing in the matter is scheduled for 9 April.

Vedanta, led by billionaire Anil Agarwal, has challenged the 17 March order of the National Company Law Tribunal(NCLT), Allahabad bench, which approved Adani Enterprises’ resolution plan and dismissed Vedanta’s objections.

The company has alleged that the approval process lacked transparency and fairness, going so far as to describe it as a “commercial conspiracy.” It has urged the appellate tribunal to reconsider its own bid, which it claims offered superior value to lenders.

At the heart of the dispute lies the interpretation of value maximization under the Insolvency and Bankruptcy Code (IBC). Vedanta contends that its offer—valued at ₹12,505.85 crore on a net present value (NPV) basis—was the highest and should have been preferred.

The company also highlighted a revised proposal submitted in November 2025, which included an increased upfront cash component of about ₹6,563 crore and an additional equity infusion of ₹800 crore. According to Vedanta, this improved offer was not adequately considered by lenders.

The CoC has strongly defended its decision to back Adani Enterprises’ bid, emphasizing that resolution plans are evaluated on multiple parameters beyond just headline value. These include upfront cash recovery, feasibility, and execution timelines.

Lenders argued that Adani’s proposal offered approximately ₹6,000 crore upfront and ensured faster repayment within two years, whereas Vedanta’s plan envisaged a longer payout period of up to five years. They also maintained that Vedanta’s revised bid was submitted after the bidding deadline and could not be entertained without restarting the entire process.

Reiterating established legal principles, the NCLT had earlier upheld the primacy of the CoC’s “commercial wisdom,” stating that judicial intervention is limited unless there is a clear violation of law or प्रक्रिया. It concluded that the resolution process was fair and compliant with IBC provisions, and that being the highest bidder does not guarantee selection.

Adani Enterprises’ resolution plan for Jaiprakash Associates is valued at approximately ₹14,543 crore. Including an additional ₹800 crore earmarked for capital expenditure and working capital, the total value rises to about ₹15,343 crore.

Against admitted claims of around ₹60,637 crore, the plan implies a recovery of roughly 24% for creditors. The proposal received overwhelming support, securing nearly 93.8% of the voting share from financial creditors—well above the statutory requirement. National Asset Reconstruction Company Ltd (NARCL), the largest creditor, played a pivotal role in backing the plan.

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