The National Company Law Appellate Tribunal (NCLAT) has dismissed Vedanta's appeal, paving the way for Adani Enterprises to acquire debt-ridden Jaiprakash Associates Ltd for approximately ₹14,500 crore.
The decision comes after NCLAT chairperson Justice Ashok Bhushan and technical member Barun Mitra held that Vedanta's appeal had no merit, as the Committee of Creditors (CoC) had taken its decision in its 'commercial wisdom'.
Vedanta had challenged a March 2026 order of the Allahabad bench of the National Company Law Tribunal (NCLT), which approved Adani's acquisition of JAL. The mining firm had offered ₹17,926 crore, while Adani's plan was valued at ₹14,535 crore.
The NCLAT held that the CoC's decision to choose Adani's lower bid over Vedanta's was not 'legally perverse and untenable', as the process adhered strictly to Insolvency and Bankruptcy Code (IBC) norms.
