Adani Beats Vedanta At NCLAT, Higher Score And ₹14,535 Cr Fast Payout Plan Seal The Deal
Mumbai: Vedanta has lost its case at the National Company Law Appellate Tribunal (NCLAT), while Adani has emerged as the clear winner. The decision was based on strict process rules, better bid quality, and higher execution certainty. The tribunal supported lenders’ choice, calling it fair and justified.
Late Change Cost Vedanta Heavily
One of the biggest reasons for Vedanta’s loss was a last-minute change in its bid. The company submitted an addendum on November 8, 2025, after final bids were already closed on November 7. Lenders rejected this change as it broke the rules of the bidding process.
The tribunal agreed, saying that accepting such a late revision would have been unfair. It would have forced the entire process to restart, which was not possible within strict insolvency timelines.
Adani Scores Higher on Evaluation
Adani’s bid performed better in overall scoring. Independent evaluator BDO gave Adani a score of 89.26 out of 100, while Vedanta scored 75.60.
Although Vedanta offered a higher net present value (NPV), Adani’s plan was stronger in other areas like upfront cash and overall proposal quality. This helped Adani gain an edge.
Faster Payment Gave Adani Advantage
Execution certainty played a key role in the decision. Adani offered Rs 6,000 crore upfront and promised to complete the full Rs 14,535 crore payment within two years.
In comparison, Vedanta planned to pay over five years. Lenders preferred Adani’s faster and more certain plan, as they wanted a quicker resolution after years of delay.
Vedanta’s Track Record Raised Concerns
Lenders were also cautious about Vedanta’s past record. The company had earlier withdrawn from some insolvency deals and delayed others. This created doubts about its ability to execute the plan smoothly.
Relief for Homebuyers
The approved plan also includes Rs 2,074 crore for around 5,000 homebuyers. Many of them have been waiting for their homes for nearly a decade. This decision is expected to bring them much-needed relief.
Legal Challenge Over Rs 14,535 Cr JAL Resolution Plan
Vedanta Group has moved the National Company Law Appellate Tribunal (NCLAT), contesting the approval granted to Adani Enterprises Ltd for the acquisition of Jaiprakash Associates Ltd (JAL). The challenge follows the National Company Law Tribunal’s (NCLT) Allahabad bench order dated March 17, 2026, which cleared Adani’s Rs 14,535 crore resolution plan.
Jaiprakash Associates Ltd is currently undergoing insolvency proceedings after defaulting on loans of approximately Rs 57,185 crore, making it one of the significant debt resolution cases under the insolvency framework.
Overall, the case highlights how rule compliance, strong execution, and timely payments are key in insolvency resolutions.
