In New Delhi, on April 6, the Supreme Court declined to block the implementation of Adani Group's ₹14,535-crore bid to acquire Jaiprakash Associates Limited (JAL), but imposed a safeguard by restraining the firm's monitoring committee from making any "major policy decisions" without prior approval from the National Company Law Appellate Tribunal.
The bench, comprising Chief Justice Surya Kant and Justice Joymalya Bagchi, directed Vedanta Ltd, which is opposing the resolution plan, and Adani Enterprises Ltd to present their arguments and counterclaims before the National Company Law Appellate Tribunal (NCLAT), which will begin the final hearing on this matter on April 10.
The Supreme Court instructed the NCLAT to expedite the hearing and make a decision on both the plea and the counter petition, given that the NCLAT has been directed to hear the case on an expedited basis due to the Adani Group's bid to acquire JAL.
"Considering that the company's appeals are scheduled for final hearing at the NCLAT on April 10, 2026, we see no reason to interfere with the impugned order. However, taking into account the nature of the issue, we request the NCLAT to hear the appeal on an expedited basis, either on the fixed date or immediately on the next working day if arguments are not concluded," the court ordered.
"Since the appeal is likely to be decided very soon and the interests of the appellant have been adequately protected in the impugned order, there seems to be no need to issue any further directions. If the monitoring committee decides to make any major policy decisions, they will seek approval from the NCLAT," the bench said.
Senior advocate Kapil Sibal, representing Vedanta Ltd, stated that the NCLAT itself acknowledged the need for a decision, and that Vedanta's bid was the highest. He further argued that if the resolution plan is implemented, creditors would receive ₹17,926.21 crore.
Sibal also pointed out that Vedanta's bid was higher than that of Adani Enterprises, which offered ₹14,000 crore. He asserted that creditors would receive more under Vedanta's proposal, considering both net present value and the total amount.
The committee of creditors was represented by Solicitor General Tushar Mehta. The Adani group was represented by senior advocate Mukul Rohatgi, with a team from Karanjawala and Co.
The Chief Justice noted that the issue was still in its interim stage.
The Solicitor General clarified that the difference between the two bids was ₹500 crore, and that there were several other factors to consider.
Earlier, Vedanta had approached the Supreme Court seeking to block the National Company Law Tribunal's (NCLT) order approving Adani Group's ₹14,535-crore bid to acquire JAL. Vedanta had filed its appeal on March 25, a day after the NCLAT refused to block the implementation of the plan.
On March 24, the NCLAT had declined any interim stay on Vedanta's plea against the order passed by the NCLT approving the Adani Group's bid.
The NCLAT also directed that the matter be listed for hearing on April 10.
The Vedanta group had been vying to acquire JAL through an insolvency process, but lenders had approved Adani Enterprises Ltd's resolution plan in November last year. The NCLT had approved Adani Group's bid.
Challenging the NCLT order, the Vedanta group filed two appeals before the NCLAT. In the first, it challenged the validity of the resolution plan, and in the second, it challenged the approval of the plan by the committee of creditors (CoC) and the adjudicating authority – the NCLT.
During the hearing, the NCLAT said that all the parties had agreed that, given the nature of the issues raised in the appeal, the matter needs to be decided at an early date.
The NCLAT clarified that the implementation of the plan would be subject to the outcome of the appeals filed by the Anil Agarwal-led Vedanta Group.
On March 17, the NCLT, Allahabad bench, had approved Adani's bid to acquire JAL through the insolvency process. This was challenged by Vedanta before the NCLAT, which directed that Adani Enterprises be a party.
During the proceedings of the NCLAT, the counsel representing Vedanta had contended that it had been declared the highest bidder by JAL's Committee of Creditors. Vedanta's bid value was ₹16,726 crore, and Adani Enterprises' bid was ₹14,535 crore.
In November last year, the CoC had approved Adani's resolution plan to acquire JAL.
Adani Enterprises had outbid Vedanta and Dalmia Bharat to win the bid for JAL. Adani secured the maximum 89 per cent votes from creditors, followed by Dalmia Cement (Bharat) and Vedanta Group.
Adani's bid was preferred because it offered around ₹6,000 crore upfront and faster payments within two years, compared with Vedanta's longer payment timeline of up to five years.
JAL, which has high-quality assets and business interests spanning real estate, cement manufacturing, hospitality, power, engineering and construction, was admitted to the Corporate Insolvency Resolution Process (CIRP) in June 2024 after it defaulted on payments of loans aggregating ₹57,185 crore.
JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida -- both on the outskirts of the national capital -- and the Jaypee International Sports City, located near the upcoming Jewar International Airport.
It has three commercial office spaces in Delhi-NCR, while its hotel division has five properties in the National Capital Region (NCR), Mussoorie and Agra.
JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh.
It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd and several other companies.