The Supreme Court of India on Monday refused to interfere in Gautam Adani-led Adani Enterprises’ takeover of Jaiprakash Associates, in a blow to billionaire Anil Agarwal’s Vedanta Group.
Vedanta had approached the apex court seeking a stay on Adani Group’s Rs 14,500-crore debt resolution plan for the now insolvent Jaiprakash Associates, challenging the rejection of its own revised bid.
The company argued that the insolvency process lacked transparency and failed to maximise value for creditors, alleging that the committee of creditors’ approval of Adani Enterprises’ plan was “unfair, opaque, and inequitable.”
A bench led by Chief Justice Suryakant, after hearing counsel, declined to intervene, noting that related company appeals are already listed for final hearing before the National Company Law Appellate Tribunal (NCLAT) on April 10.
“In view of the fact that company appeals of 2026 are now listed for final hearing before NCLAT on April 10, we see no reason to interfere with the order,” the court said, while requesting the tribunal to take up the matter on an out-of-turn basis and continue hearings on the next working day if arguments remain incomplete.
The court also said that if the monitoring committee takes any major policy decision in the interim, it may do so after taking the NCLAT’s view, given the nature and implications of the case.
Vedanta flags higher bid, alleges reversal in outcome
Vedanta Group had moved the Supreme Court of India on March 30, escalating its challenge to the insolvency process of Jaiprakash Associates.
The group claimed it was earlier declared the highest bidder and had received written confirmation, only for the decision to be reversed later without explanation.
Vedanta had offered Rs 16,726 crore, higher than Adani Enterprises’ Rs 14,535 crore bid, and has argued that its proposal should have been given precedence.
It has also filed multiple appeals questioning both the validity of the resolution plan and the process followed by the Committee of Creditors and the adjudicating authority.
Where the NCLAT case stands
The National Company Law Appellate Tribunal had earlier declined to grant an interim stay on the National Company Law Tribunal’s approval of Adani Enterprises’ resolution plan.
Instead, it sought responses from lenders and listed the matter for further hearing in April, allowing the insolvency process to continue.
Lenders defended their decision, stating that resolution plans are not determined solely by the highest financial offer but also by factors such as upfront cash, execution feasibility and repayment timelines.
According to them, Adani’s proposal was preferred as it offered around Rs 6,000 crore upfront and a faster repayment schedule within two years. Vedanta’s revised bid, they said, was submitted after the bidding window had closed and could not be considered without restarting the process.
Source: Economic Times