The decision in Ujaas Energy highlights the inherent tension between finality and fairness in the IBC framework.

The piece examines NCLAT's May 2026 dismissal of Vedanta's challenge to Adani Enterprises' INR 14,535 crore resolution plan for Jaiprakash Associates, where a bid gap of over INR 3,000 crore was left on the table due to the Process Note's bar on post-challenge modifications.