The Supreme Court on Monday chose not to interfere with the National Company Law Appellate Tribunal (NCLAT) ruling that allowed the Adani Group’s ₹14,535 crore bid to acquire Jaiprakash Associates Ltd (JAL).
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However, the court imposed a temporary restriction, directing the monitoring committee overseeing JAL’s insolvency to refrain from making any significant policy decisions without prior approval from the NCLAT.
In its ruling, the bench, comprising Chief Justice Surya Kant and Justice Joymalya Bagchi, instructed both Adani Enterprises Ltd, the successful resolution applicant, and mining giant Vedanta Ltd to present their arguments and counterclaims before the NCLAT, which is set to begin its final hearing on the dispute on April 10.
The case originated from a challenge by Vedanta, which sought a stay on the NCLAT’s order permitting Adani’s acquisition of JAL. Vedanta filed its appeal on March 25, after the NCLAT had declined to stay the decision on March 24.
The NCLAT had previously rejected any interim stay over Vedanta’s appeal against the approval of Adani Group’s bid by the National Company Law Tribunal (NCLT).
The dispute centers on JAL’s insolvency process, in which Vedanta also bid to acquire the company. However, the lenders of JAL approved the Adani Enterprises Ltd resolution plan in November 2023, which was later endorsed by the NCLT.
Vedanta has since filed two separate appeals with the NCLAT, challenging the validity of the resolution plan and the approval granted by the Committee of Creditors (CoC) and the NCLT.
The NCLAT has already asked the Committee of Creditors of JAL to submit its response to Vedanta’s appeals and has scheduled the matter for further hearing on April 10.
