NCLAT to hear Vedanta's challenge to Adani's JAL bid tomorrow
India's company law appeals court (NCLAT) is now looking into Vedanta's challenge to Adani's ₹14,535 crore rescue plan for Jaiprakash Associates Ltd. (JAL), after a lower tribunal gave Adani the green light last week.
The case is scheduled to be heard before a two-member bench on Tuesday.
Bankruptcy bids' final decision could shape future
JAL went bankrupt in 2024, owing over ₹57,000 crore.
Creditors picked Adani's plan mainly because it offered substantial upfront cash and a faster payment timeline compared with Vedanta's more staggered payments; Vedanta's later revised proposal increasing upfront cash was submitted after the bidding deadline and was not considered.
The NCLT tossed out Vedanta's objections as too late.
Now, the final NCLAT decision could shape how future bankruptcy bids are judged and how quickly struggling companies can be saved.
If things drag on, JAL's valuable real estate and cement businesses could lose even more value.