While declining to grant an interim stay, the NCLAT clarified that any steps taken under Adani’s plan will be subject to its final orders.
During the hearing, Vedanta argued that its offer was financially superior, saying, “Our bid, with NPV (net present value) of ₹12,505 crores, was the highest compared to all proposed resolution plans,” and aligned with the core objective of the Insolvency and Bankruptcy Code (IBC).The development comes after the NCLT Allahabad bench’s approval on March 17 of Adani Enterprises’ ₹14,535 crore resolution plan for JAL.
The Anil Agarwal-led Vedanta group further claimed that its proposal was at least ₹1,000 crore higher than Adani’s on an NPV basis, and alleged that the Committee of Creditors (CoC) had “not accepted the highest available value, declared Adani’s lower bid as the winner.”“The objective of IBC is maximisation of value of assets,” Vedanta submitted, adding that the CoC’s decision to approve a lower-value bid was contrary to this principle.
Adani had earlier received 89% approval from creditors in November, with the company outbidding Vedanta and Dalmia Bharat in the insolvency process.
JAL, which was admitted to the corporate insolvency resolution process (CIRP) in June 2024 after defaulting on loans of over ₹57,000 crore, holds a diversified portfolio spanning real estate, cement, power, hospitality and infrastructure assets.
Key assets include Jaypee Greens projects in Noida and Greater Noida, the Jaypee International Sports City near the upcoming Jewar airport, cement plants in Uttar Pradesh and Madhya Pradesh, and stakes in group companies.
Shares of Vedanta were trading 655.70 as of 12.52 pm on Tuesday. The stock has gained more than 46% over the last six months.
