Vedanta Group chairman hints at ‘foulplay’ in Jaiprakash Associate resolution process

Chairman of Vedanta Group, Anil Agarwal, has escalated tensions with the Adani Group after the latter managed to outbid Vedanta in the race to acquire Jaiprakash Associates. In a social media post on Sunday (March 29, 2026), Agarwal said that when Jaiprakash Associates’ assets were put up for bidding, “we were declared the highest bidder publicly. It was a transparent process. We were informed in writing that we had won. But life is never so simple.”

He added that the decision was later “curiously” changed.

“We have no attachment to this asset. If it comes, it is God’s grace. If it goes, that is also his wish. But one thing we believe strongly—when something is promised in dharma, it should not be taken back. In our scriptures also, we see this again and again. Truth, commitment, and fairness are above everything,” said a visibly disappointed Agarwal, invoking the teachings of the Bhagavad Gita.

It may be noted that Vedanta has moved the National Company Law Appellate Tribunal (NCLAT) against the order of the National Company Law Tribunal (NCLT), which approved Adani Group’s ₹14,500-crore resolution plan for Jaiprakash Associates. While the appellate tribunal has refused to grant an interim stay on the implementation of the plan, it has agreed to examine the issues raised by Vedanta Ltd.

Vedanta has challenged the decision of the committee of creditors (CoC) and the subsequent NCLT approval of Adani Group’s ₹15,000-crore resolution plan, despite its own higher bid of ₹16,726 crore.

The matter is scheduled to be heard next on April 10, 2026.

In its plea, Vedanta argued that its offer was significantly higher—by thousands of crores—than that of the successful resolution applicant (SRA), but was not properly evaluated by the CoC. Instead, a lower-value plan was approved, which it claims runs contrary to the core objective of the Insolvency and Bankruptcy Code—maximisation of value.

Vedanta further contended that the CoC must exercise its discretion strictly in line with applicable law and governing documents. It argued that “commercial wisdom” cannot come at the cost of lower recovery of public money and that the conduct of the CoC must be subject to scrutiny.

In response, the resolution professional (RP) maintained that the CoC followed the prescribed evaluation matrix and process note. According to the RP, the CoC exercised its commercial wisdom in assessing all aspects of the competing plans and lawfully approved the Adani Group’s proposal—a decision that does not warrant judicial interference.

Under the approved plan, the Adani Group has proposed total payments exceeding ₹13,500 crore to secured financial creditors. This includes ₹6,005 crore as an upfront payment on the effective date and ₹6,026.5 crore to be paid within two years. In addition, non-convertible debentures (NCDs) worth ₹1,500 crore will be issued to secured financial creditors, with a put/call option.

Workmen and employees will receive at least ₹10 crore or their statutory dues, whichever is higher. The Yamuna Expressway Industrial Development Authority will be paid ₹1,067 crore, subject to legal outcomes related to the Sports City project.

The Adani Group has also committed to infuse up to ₹800 crore within 180 days of approval towards working capital, capital expenditure and operational improvements.

Also See: Details of Adani Group’s Rs 15,000-cr resolution plan for Jaiprakash Associates