NCLAT Postpones Hearing on Vedanta's Challenge to Adani's JAL Acquisition Bid
NCLAT adjourns hearing on Vedanta plea against selection of Adani's JAL bid
Business StandardImage: Business Standard
The National Company Law Appellate Tribunal (NCLAT) has postponed its hearing regarding Vedanta Group's challenge against Adani Enterprises' ₹14,535-crore bid for Jaiprakash Associates Ltd (JAL). The adjournment was due to a change in the tribunal's bench composition, with a new hearing date to be announced soon.
- 01NCLAT adjourned hearing on Vedanta's petitions against Adani's bid for JAL.
- 02The adjournment was due to a change in the bench composition.
- 03Vedanta's petitions challenge a March 17 order by the Allahabad bench of NCLT.
- 04NCLAT previously declined to stay the NCLT's approval of Adani's bid.
- 05Supreme Court also declined to grant a stay on NCLAT's interim order.
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The National Company Law Appellate Tribunal (NCLAT) has adjourned its hearing on Vedanta Group's petitions challenging the approval of Adani Enterprises' ₹14,535-crore bid for Jaiprakash Associates Ltd (JAL). The hearing was postponed due to a change in the bench composition, with the new date yet to be determined. Vedanta's petitions contest a March 17 order from the Allahabad bench of the National Company Law Tribunal (NCLT), which sanctioned Adani's acquisition of JAL through insolvency proceedings. Previously, on March 24, NCLAT declined to impose an interim stay on the NCLT's approval of Adani's bid, stating that the plan would remain contingent on the outcome of Vedanta's appeals. This interim order was also challenged in the Supreme Court, which similarly refused to grant a stay but mandated that any significant policy decisions by the monitoring committee should first receive the Tribunal's approval.
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The outcome of this legal battle will determine the future ownership of JAL, impacting stakeholders including employees and creditors.
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