NCLAT declines interim stay on Vedanta plea against approval for Adani’s bid for JAL

NEW DELHI: (Mar 24) The Insolvency appellate tribunal on Tuesday declined any interim stay over the Vedanta Group's plea against the order passed by the NCLT approving Rs 14,535 crore bid by Adani Group's bid for acquiring Jaiprakash Associates Ltd (JAL).

The National Company Law Appellate Tribunal's (NCLAT) two-member bench sought a response from the Committee of Creditors (CoC) of JAL within a week. It also directed to list the matter on April 10 for the next hearing.

Vedanta group was in the race to acquire JAL through an insolvency process, but the lenders in November last year approved the resolution plan of Adani Enterprises Ltd. Last week, the National Company Law Tribunal (NCLT) approved the Adani Group's bid.