NEW DELHI: The Supreme Court on Monday decided against halting the Adani group’s ₹14,535 crore acquisition bid for the financially troubled Jaiprakash Associates Limited (JAL), while ensuring that the firm’s monitoring committee can’t make any significant policy decisions without the approval of the National Company Law Appellate Tribunal (NCLAT).
A bench led by Chief Justice Surya Kant and Justice Joymalya Bagchi instructed mining giant Vedanta Ltd, which opposes the resolution plan, alongside Adani Enterprises Ltd, to present their arguments and counterclaims before the NCLAT, which is set to commence final hearings on the matter on April 10.
The Supreme Court urged the NCLAT to address both the plea and counter-petition swiftly by prioritizing the hearing due to the nature of the dispute surrounding Adani’s acquisition of JAL.
The bench stated, “Considering that the company appeals are now scheduled for final hearing at the NCLAT on April 10, 2026, we find no grounds to intervene with the contested order.” They added that the NCLAT should hear the appeal promptly or on the next working day if discussions are not concluded.
They emphasized that as the appeal is likely to be resolved soon and the appellant’s interests are protected in the current order, no additional directives are necessary. Should the monitoring committee decide to take any major policy decisions, they will need the NCLAT’s prior approval.
Senior advocate Kapil Sibal, representing Vedanta Ltd, remarked that the NCLAT itself acknowledges unresolved issues, emphasizing that Vedanta’s bid was the highest.
“If this resolution plan goes ahead, creditors will benefit. My figure stands at ₹17,926.21 crore,” he said, indicating that Adani’s offer of around ₹14,000 crore would provide less for creditors.
The creditors’ committee was represented by Solicitor General Tushar Mehta, while Adani’s legal interests were represented by senior advocate Mukul Rohatgi and a team from Karanjawala and Co.
The Chief Justice mentioned that the matter is still at an interim stage.
The Solicitor General pointed out that the gap between the two bids is ₹500 crore, with several other factors needing consideration.
Previously, Vedanta approached the Supreme Court seeking to pause the NCLT’s order that approved Adani’s ₹14,535 crore bid for JAL. Vedanta’s appeal came on March 25, following NCLAT’s refusal to stay the implementation of the plan.
On March 24, the NCLAT did not grant an interim stay on Vedanta’s appeal against the NCLT’s order approving Adani Group’s bid, scheduling the next hearing for April 10.
Vedanta was competing to acquire JAL through the insolvency process when lenders approved Adani Enterprises’ resolution plan in November last year, which the NCLT subsequently validated.
Challenging the NCLT’s order, Vedanta filed two appeals with the NCLAT: one to contest the legitimacy of the resolution plan and the other to dispute the approval given by the creditors’ committee and the NCLT.
During the hearings, the NCLAT observed that all parties agreed that the issues presented warrant early resolution.
The NCLAT clarified that the implementation of the acquisition plan would depend on the resolution of Vedanta’s appeals.
On March 17, the NCLT’s Allahabad bench approved Adani’s bid for JAL under the insolvency process, which Vedanta contested before the NCLAT, which later added Adani Enterprises as a party in the case.
During proceedings, Vedanta’s counsel argued that it was recognized as the top bidder by JAL’s Committee of Creditors, with its bid valued at ₹16,726 crore compared to Adani’s ₹14,535 crore.
In November, the Committee of Creditors endorsed Gautam Adani’s resolution plan to acquire JAL. Adani’s bid received substantial support, securing 89% of creditor votes, outpacing bids from Vedanta and Dalmia Bharat.
Adani’s proposal was favored due to an upfront payment of approximately ₹6,000 crore, along with a quicker payoff timeline within two years, as opposed to Vedanta’s longer five-year timeframe.
JAL, which boasts high-profile assets and diverse business interests in real estate, cement, hospitality, power, engineering, and construction, entered the Corporate Insolvency Resolution Process (CIRP) in June 2024 following defaults on loans totaling ₹57,185 crore.
Notable projects include Jaypee Greens in Greater Noida and projects in Noida and near the forthcoming Jewar International Airport, alongside significant office properties in the National Capital Region and several hotels across key locations.
JAL operates four cement plants in Madhya Pradesh and Uttar Pradesh and manages various limestone mines in Madhya Pradesh, also holding investments in subsidiaries like Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, and more.
