# Vedanta Ltd. vs. Bhuvan Madan Resolution Professional of Jaiprakash Associates Ltd. & Ors.

> NCLAT judgment dated 4 May 2026. Citation: TCN-2026-NCLAT-00144. Vedanta Ltd., an unsuccessful Resolution Applicant, filed two appeals challenging separate…

- **Court:** NCLAT
- **Order date:** 4 May 2026
- **Citation:** TCN-2026-NCLAT-00144
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vedanta-ltd-vs-bhuvan-madan-resolution-professional-of-jaiprakash-associates-ltd-w3yau

## Summary

### Background

Vedanta Ltd., an unsuccessful Resolution Applicant, filed two appeals challenging separate orders dated 17.03.2026 passed by the National Company Law Tribunal (NCLT), Allahabad Bench. The NCLT had rejected Vedanta's application (IA No.01/2026) to set aside the Committee of Creditors' (CoC) decision and instead approved the Resolution Plan submitted by M/s Adani Enterprises Ltd. (Respondent No.3) in IA (Plan) No.11/2025. The Corporate Insolvency Resolution Process (CIRP) for Jaiprakash Associates Ltd. (JAL) commenced on 03.06.2024, with Shri Bhuvan Madan appointed as Interim Resolution Professional (IRP) and subsequently confirmed as Resolution Professional (RP). Following the submission of Expression of Interests and various resolution plans, the CoC initiated a

…

## Facts

Vedanta Ltd., an unsuccessful Resolution Applicant, filed appeals against two NCLT orders dated 17.03.2026.

The NCLT orders rejected Vedanta's IA No.01/2026 and approved the Resolution Plan of M/s Adani Enterprises Ltd. (Respondent No.3) in IA (Plan) No.11/2025.

Corporate Insolvency Resolution Process (CIRP) commenced against Jaiprakash Associates Ltd. (JAL) on 03.06.2024, following an application by ICICI Bank Ltd. under Section 7 of IBC.

Shri Bhuvan Madan was appointed Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP) by the Committee of Creditors (CoC).

…

## Issues and analysis

### Issue 1: Whether the email dated 08.11.2025 sent by the Appellant forwarding the Addendum was clarificatory …

**Ratio:** An Addendum proposing substantive financial changes to a resolution plan after the

…

**Reasoning:** The Addendum increased the upfront payment from Rs.3,770 crores to Rs.6,563 crores and

…

**Interpretation:** The NCLAT strictly interpreted 'clarification' to exclude substantive financial

…

**Application:** Vedanta Ltd.'s Addendum, by proposing increased financial commitments, was

…

## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Vedanta…
- **Respondents:** Jaiprakash…; Bhuvan Madan…; +2 more
- **Other parties:** Corporate…; Resolutio…; +6 more
- **Advocates:** Abhijeet…; Deep…; +10 more

## Timeline

- **2024-06-03 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) commenced against Jaiprakash Associates…
- **2025-01-10 — Publication o…**: The Resolution Professional (RP) published Form-G inviting Expression of Interest (EoI)…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/vedanta-ltd-vs-bhuvan-madan-resolution-professional-of-jaiprakash-associates-ltd-w3yau