NCLAT dismissed Vedanta Ltd's appeal challenging NCLT Allahabad's approval of Adani Enterprises' resolution plan for Jaiprakash Associates Ltd.
Vedanta contested CoC's rejection of its post-submission plan addendum which offered higher upfront payment and equity infusion.
The tribunal upheld CoC's commercial wisdom in selecting Adani's plan based on evaluation matrix scoring despite Vedanta's higher NPV offer.
The court found no material irregularity in the resolution process and affirmed the primacy of CoC's decision-making under IBC.