NCLAT rejects Vedanta petition against Adani's Jaiprakash bid

Mining major Vedanta Ltd's legal challenge to Adani Enterprises Ltd's winning bid for Jaiprakash Associates Ltd fizzled on Monday, clearing the path for the Adani Group to take over prime assets owned by the bankrupt builder.

- Yash Tiwari & Krishna Yadav

Once completed, Jaiprakash’s assets including nearly 4,000 acres, hotels, commercial properties, cement capacity and a Formula 1 racing track will come under the Adani fold.

The National Company Law Appellate Tribunal (NCLAT) backed JAL's committee of creditors (CoC) which had awarded the assets to Adani in November, endorsing their “commercial wisdom” to choose a plan based on factors such as upfront cash, payment timelines and feasibility. It also upheld the earlier approval granted by the Allahabad bench of the National Company Law Tribunal (NCLT) in March. The tribunal also stated that courts cannot interfere with the commercial decisions of the creditors, unless there is a clear legal or procedural violation.