New Delhi, May 4 -- The National Company Law Appellate Tribunal reiected Vedanta's challenge to the lenders' approval of Adani Enterprises' over Rs.15.000-crore resolution plan for Jaiprakash Associates Ltd, finding no illegality in the decision of the committee of creditors (CoC).

The ruling marks another setback for Vedanta as the plan had already been approved by the National Company Law Tribunal.

The Delhi bench of the appellate tribunal, headed by chairperson Justice Ashok Bhushan, had reserved its order on 22 April after concluding hearings.

At the heart of the dispute was Vedanta's challenge to the decision of the CoC, which approved the Adani Group's plan while rejecting Vedanta's competing offer. Vedanta argued that its bid, p...