NCLAT defers hearing on Vedanta's challenge to selection of Adani's bid for JAL

The National Company Law Appellate Tribunal (NCLAT) on Monday adjourned the hearing on petitions filed by Vedanta Ltd challenging the approval of Adani Enterprises’ bid for debt-ridden Jaiprakash Associates Ltd (JAL).

The appellate tribunal deferred the matter due to the unavailability of a member of the bench that was hearing the two appeals filed by Vedanta.

The next date of hearing will be notified shortly.

Vedanta has challenged the March 17 order of the Allahabad bench of the National Company Law Tribunal (NCLT), which approved Adani Enterprises’ ₹14,535-crore resolution plan for JAL under the insolvency process.

Earlier, on March 24, the NCLAT had refused to grant an interim stay on the NCLT order but clarified that the resolution plan would remain subject to the outcome of Vedanta’s appeals.

The interim order was subsequently challenged before the Supreme Court, which also declined to stay the implementation of Adani Enterprises’ bid.

However, the apex court directed that any major policy decision by JAL’s monitoring committee would require prior approval of the appellate tribunal.

The top court also asked the parties to pursue their arguments before the NCLAT and directed the tribunal to decide the matter expeditiously.

The legal dispute comes amid a tussle over the acquisition of JAL, with Vedanta contending that its higher bid of ₹17,926 crore was overlooked in favour of Adani Enterprises’ offer.

Meanwhile, Jaiprakash Gaur, founder of the Jaypee Group, has expressed confidence in the Adani Group’s ability to carry forward the company’s legacy.

In a recent statement, he said the Committee of Creditors’ (CoC) decision to select Adani Group as the successful resolution applicant is respected.

Gaur also termed the insolvency process as “fair and transparent” and appreciated the participation of both Adani Group and Vedanta Group in the bidding process.

The matter remains under adjudication before the NCLAT.