Supreme Court Refuses Stay on Adani’s ₹14,543 Crore JAL Resolution Plan
The Supreme Court of India on Monday declined to grant an interim stay on Adani Enterprises Ltd’s ₹14,543 crore resolution plan for bankrupt Jaiprakash Associates Ltd, dismissing a challenge filed by Vedanta Ltd. A bench led by Chief Justice Surya Kant and Justice Joymalya Bagchi directed Vedanta and other parties to pursue their objections before the National Company Law Appellate Tribunal, choosing not to interfere with earlier rulings that allowed the plan to proceed.
The court upheld the decisions of the National Company Law Tribunal and NCLAT, both of which had cleared the way for Adani’s acquisition of JAL. However, it instructed the resolution monitoring committee to seek prior approval from the NCLAT before taking any significant steps. The appellate tribunal has been urged to expedite the matter, with the next hearing scheduled for April 10.
The dispute centres on valuation and fairness under the Insolvency and Bankruptcy Code (IBC). Vedanta argued that its higher bid—₹12,505.85 crore in net present value—was overlooked despite offering better recovery for lenders. It also raised concerns over transparency and lack of opportunity to clarify its proposal. Lenders, however, defended the process, stating that Adani’s plan, though lower in value, offered faster timelines and higher upfront payments, aligning with IBC norms and commercial considerations.
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