NEW DELHI/MUMBAI, March 24 -- The National Company Law Appellate Tribunal (NCLAT) on Tuesday refused to stay implementation of billionaire Gautam Adani-led Adani Enterprises Ltd's Rs.14,543-crore resolution plan for bankrupt Jaiprakash Associates Ltd (JAL), and declined to halt the company's delisting, allowing the process to move ahead while it hears Vedanta Ltd's challenge.

The appellate tribunal declined to grant an interim stay on Vedanta's plea, but agreed to hear the matter and sought responses from the Committee of Creditors (CoC) within a week. A bench led by chairperson Justice Ashok Bhushan said the plan's implementation would continue in the meantime.

"Implementation of the plan shall go on and however that shall abide by the...