New Delhi, April 6 The Supreme Court on Monday refrained from interfering with the order of the National Company Law Appellate Tribunal (NCLAT), which had refused to stay Adani Group's ₹14,535 crore bid to acquire Jaiprakash Associates Ltd (JAL).
However, the bench restrained the monitoring committee of ailing JAL from making any major policy decisions without prior approval from the NCLAT.
The top court asked mining giant Vedanta Ltd and successful resolution applicant, Adani Enterprises Ltd, to raise their arguments and counterclaims before the NCLAT, which will commence the final hearing on the matter on April 10.
A bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi directed the NCLAT to decide the plea and the counter petition expeditiously concerning the Adani group's acquisition of JAL.
Earlier, Vedanta Ltd had moved the top court seeking a stay on the order approving Adani Group's ₹14,535 crore bid to acquire Jaiprakash Associates Ltd (JAL).
Vedanta filed its appeal on March 25, a day after the National Company Law Appellate Tribunal (NCLAT) refused to stay the implementation of the plan.
The insolvency appellate tribunal declined any interim stay on March 24 over the Vedanta Group's plea against the order passed by the National Company Law Tribunal (NCLT) approving the Adani Group's bid for acquiring JAL.
The two-member bench of the NCLAT sought a response from the Committee of Creditors (CoC) of JAL within a week. It also directed the matter to be listed for the next hearing on April 10.
The Vedanta group was in the race to acquire JAL through an insolvency process, but the lenders had approved the resolution plan of Adani Enterprises Ltd in November last year. The NCLT approved the Adani Group's bid.
Challenging the NCLT order, the Vedanta group has filed two appeals before the NCLAT. In the first, it has challenged the validity of the resolution plan, and in the second, it has challenged the approval of the plan by the CoC and the adjudicating authority -- the NCLT.