New Delhi: The Supreme Court of India turned down Vedanta Group’s request to stop Adani Enterprises’ resolution plan for Jaiprakash Associates Limited, which is in debt. A bench headed by Chief Justice Surya Kant said that the matter is already scheduled for hearing in the National Company Law Appellate Tribunal on April 10, and hence there is no need for intervention at this stage.
The bench, which also included Justice Joymalya Bagchi, said, “Since the final hearing of the company appeals is listed in the NCLAT on April 10, we see no reason to interfere.”
Directed NCLAT to expedite hearing
The Supreme Court also directed that the Monitoring Committee will not take any major policy decisions in the interim period without the permission of the NCLAT. Vedanta had filed a petition seeking a stay on Adani Enterprises’ resolution plan worth ₹14,500 crore. The company alleged that the insolvency process was not transparent and did not ensure maximum value for its lenders.
Arguments from Vedanta and Lenders
Vedanta claimed that it had submitted a higher bid of ₹16,726 crore and was initially declared the highest bidder, but the decision was later reversed without sufficient reason. The company described the Committee of Creditors’ (CoC) decision as “unfair, opaque, and inequitable.”
The lenders defended their decision, stating that under the IBC, the highest bid alone is not decisive. Factors such as the cash upfront, the feasibility of implementing the plan, and the payment timeline are also taken into account. According to them, Adani Enterprises’ plan was prioritized due to the higher upfront amount of approximately ₹6,000 crore and the shorter payment timeline.
Background of the Case and Company Status
Earlier, the NCLAT had also refused to stay Adani Enterprises’ plans and sought responses from stakeholders. Jaiprakash Associates Limited is undergoing insolvency proceedings under the IBC, 2016, as it has a debt of over ₹57,000 crore.
The company is active in sectors such as real estate, cement, power, and infrastructure. Its major assets include large township projects, expressways, and power projects in Noida and Greater Noida. The proposed acquisition by the Adani Group has already received approval from the Competition Commission of India.
Senior advocates Kapil Sibal and V.V. Giri appeared for Vedanta in the case, while Solicitor General Tushar Mehta represented the committee of creditors. Senior advocates Mukul Rohatgi and Ritin Rai appeared for Adani Enterprises.