Vedanta challenges Adani’s ₹14,543 crore bid for JP Associates in NCLAT. The company said that its bid was the highest, yet was ignored, and termed the entire decision as a ‘commercial conspiracy’.

Business News: Vedanta Ltd has challenged Adani Enterprises’ ₹14,543 crore resolution plan for bankrupt company Jaypee Associates Limited (JAL) in the National Company Law Appellate Tribunal (NCLAT). Vedanta claims that its bid was the highest, yet it was sidelined, and has termed the entire decision as a ‘commercial conspiracy’.

Grounds of challenge in NCLAT

Vedanta presented this challenge in NCLAT after the Allahabad Bench of the National Company Law Tribunal (NCLT) had approved Adani’s plan on March 17, 2026. Vedanta’s objections were rejected in this order. Vedanta says that its bid was the largest in terms of Net Present Value (NPV), but despite this it was ignored.

A bench headed by NCLAT chairperson Justice Ashok Bhushan is likely to hear the case on Monday. During this hearing, it will be decided whether approving Adani’s bid was in accordance with the rules of IBC (Insolvency and Bankruptcy Code) or not.

Vedanta’s claims and arguments

Vedanta’s main argument is that its bid was worth ₹12,505.85 crore, which is considered the largest on NPV basis. Adani’s bid was about ₹3,400 crore lower than Vedanta’s, and the NPV was also short by about ₹500 crore.

The company says it submitted an improved offer on November 8, 2025, increasing the upfront cash to about ₹6,563 crore and equity infusion to ₹800 crore. Vedanta claims that in this way the lenders would have got better recovery.

Vedanta raised questions on the process

Vedanta alleged that it was not given an opportunity to explain its reasons clearly during the entire process and its offer was not adequately considered. He says that there is a commercial conspiracy behind this decision and it should be looked at seriously.

The company’s lawyer says that if the highest bid is ignored then it is against the basic purpose of the IBC, because under the law all proposals should be properly evaluated.

creditors’ side

Whereas the lenders (Committee of Creditors – CoC) say that Adani’s plan was more practical and safe. The CoC also said that the highest bidder does not get any automatic right to win.

Lenders say Adani’s plan included upfront cash of about ₹6,000 crore and a repayment timeline of two years, while Vedanta’s offer was for repayment in five years. For this reason the CoC gave priority to Adani’s plan.

The CoC rejected Vedanta’s improved offer because the bid was submitted after the stipulated deadline. According to the CoC, accepting it would have meant starting the process again, which is not possible as per the law and rules.

NCLT order and effect

NCLT, in its order dated 17 March 2026, upheld the decision of the CoC. The court said that the commercial wisdom of the CoC is final and cannot be interfered with unless there is a clear legal violation.

Adani’s plan was supported by about 93.8% voting share of financial lenders, in which the largest lender NARCL (National Asset Reconstruction Company Limited) played a key role. Legal experts believe that this challenge is merely a stress test of the deal and its purpose is to test the validity of the process.