SC to hear Vedanta's stay plea against Adani's Jaiprakash Associates takeover

MUMBAI: The Supreme Court will hear on Monday Vedanta Ltd.'s plea seeking a stay on the Adani Group's plan to take over debt-laden Jaiprakash Associates.

This follows the refusal by the National Company Law Appellate Tribunal and the National Company Law Tribunal to stay the implementation plan of the Gautam Adani-owned Adani Group.

Also Read: FMCG firms report steady growth in Q4 amid geopolitical headwinds, led by stable demand environment


Vedanta, owned by Anil Agarwal, had outbid Adani Group in one of the largest and most keenly tracked insolvency cases in the country. The committee of creditors, though, opted for the resolution plan offered by the Adani Group because of higher upfront payments. Vedanta has told the Supreme Court that the insolvency process lacked transparency and failed to maximise value for creditors. It alleged that the process followed by JAL's committee of creditors in approving the plan of the Adani Group was "unfair, opaque, and inequitable".

Also Read: Religion is no disqualification for trustees: Tata Trusts note

Vedanta's initial bid of ?12,505.85 crore on a net present value basis was higher than that of the Adani Group. The committee of creditors, though, defended their decision, stating that resolution plans are not dependent on the net present value alone, and several factors, including execution capability and viability, are taken into account.