Adani Enterprises resolution plan for Jaiprakash Associates

In one of the most significant insolvency rulings of 2026, the NCLAT decisively reinforces the primacy of CoC commercial wisdom in complex resolution processes. 

Rejecting Vedanta’s challenge despite its higher gross value and superior NPV offer, the Appellate Tribunal holds that the insolvency framework does not mandate selection of the numerically highest bid. 

The ruling validates the use of multidimensional evaluation matrices incorporating qualitative and quantitative criteria and upholds the CoC’s refusal to entertain post-submission modifications disguised as “clarifications.” 

The judgment is especially important for delineating the boundaries of judicial review in resolution plan evaluation, reaffirming that courts cannot substitute commercial assessments merely because another plan may appear financially superior in isolated metrics.