NCLAT’s Judgment Rejecting Vedanta’s Appeal In Jaypee’s CIRP

In a recent judgment in Vedanta Limited v. Bhuvan Madan, Resolution Professional of Jaiprakash Associates Limited [Company Appeal (AT) Insolvency Nos. 552 & 553 of 2026], the National Company Law Appellate Tribunal, Principal Bench, New Delhi (“NCLAT”), considered the extent to which the commercial wisdom of the committee of creditors (“CoC”) may be questioned where the approved resolution plan is alleged to offer lower value than a competing plan.

The appeal arose from the approval of the resolution plan submitted by Adani Enterprises Limited (“Adani”) in the corporate insolvency resolution process (“CIRP”) of Jaiprakash Associates Limited (“JAL”) under the Insolvency and Bankruptcy Code, 2016 (“IBC”), in preference to the plan submitted by Vedanta Limited (“Vedanta”), which claimed to have offered higher gross value and higher net present value (“NPV”).