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The National Company Law Appellate Tribunal (NCLAT) has adjourned the hearing on Vedanta Ltd's challenge to Adani Enterprises INR 14,535 crore bid for Jaiprakash Associates Ltd (JAL), due to a change in bench composition. Vedanta has filed appeals against the NCLT's approval of the resolution plan under the Insolvency and Bankruptcy Code. Earlier, both the NCLAT and the Supreme Court declined to stay the process, though the outcome remains subject to final rulings. The Supreme Court also directed that key decisions by the monitoring committee require tribunal approval. The case is closely watched given JAL's significant role in India's real estate and infrastructure sectors.
The National Company Law Appellate Tribunal (NCLAT) on Monday adjourned the hearing of petitions filed by Vedanta Ltd challenging the approval of Adani Enterprises Ltd's bid for Jaiprakash Associates Ltd (JAL), a company undergoing insolvency proceedings. Advertisement
The matter was deferred due to a change in the composition of the appellate tribunal bench. The adjustment follows the unavailability of one of the members who was part of the original bench hearing the case. A fresh date for the next hearing is expected to be announced soon.
Vedanta Ltd, part of the Vedanta Group led by Anil Agarwal, has filed two separate appeals against the March 17 order passed by the Allahabad bench of the National Company Law Tribunal (NCLT). The NCLT had approved Adani Enterprises Rs 14,535 crore resolution plan to acquire JAL under the Insolvency and Bankruptcy Code (IBC).
Earlier, on March 24, the NCLAT refused to grant an interim stay on the NCLT's approval of Adani Enterprises bid. However, the appellate tribunal clarified that the implementation of the resolution plan would remain subject to the final outcome of Vedanta's appeals.
Following this, the interim order of the NCLAT was challenged before the Supreme Court. The apex court also declined to stay the insolvency proceedings or the approved resolution plan. At the same time, it issued a direction stating that any major policy decisions by the monitoring committee overseeing the resolution process must receive prior approval from the tribunal.
Jaiprakash Associates Ltd, a diversified infrastructure and real estate company, is currently undergoing resolution under the IBC framework due to financial stress. The outcome of these proceedings is being closely watched by stakeholders in the real estate and infrastructure sectors, given JAL's significant presence in both segments.
The case continues to remain under judicial review, with further developments expected after the next hearing date is scheduled.
Source: PTI
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