NCLAT Moves Forward with Adani's Acquisition Amid Vedanta's Challenge

The National Company Law Appellate Tribunal (NCLAT) refused an interim stay on Vedanta's appeal against the NCLT's approval of Adani's Rs 14,535 crore bid for Jaiprakash Associates Ltd. The Vedanta Group contested the resolution plan's legality, while NCLAT expedited the hearing process without halting Adani's plan implementation.

The National Company Law Appellate Tribunal (NCLAT) declined to grant an interim stay on Tuesday regarding the Vedanta Group's appeal against an order that approved the Adani Group's Rs 14,535 crore bid for acquiring Jaiprakash Associates Ltd (JAL). NCLAT has expedited proceedings by scheduling the next hearing for April 10.

Vedanta, which had also bid for JAL, challenged both the resolution plan's validity and its approval process. The tribunal clarified that the plan's implementation would continue but would be subject to appeal outcomes. The matter needs a swift resolution due to complex legal implications, NCLAT noted.

Despite offering a higher bid value, Vedanta lost out to Adani due to quicker financial terms and substantial upfront cash. JAL, grappling with bankruptcy due to unpaid loans, finds its future hanging between rival legal contestations in a high-stakes corporate acquisition.

(With inputs from agencies.)