The Supreme Court has allowed the Adani Group’s takeover of Jaiprakash Associates Ltd (JAL) to move ahead, refusing to put the deal on hold while a legal challenge by Vedanta is still under review.
The top court declined to interfere with an order passed by the National Company Law Appellate Tribunal (NCLAT), which had cleared the way for Adani Enterprises’ resolution plan for the financially troubled company.
Vedanta had approached the Supreme Court seeking a stay on the process, arguing that its bid for Jaiprakash Associates was higher and offered better returns for lenders. The company also questioned the transparency and fairness of the bidding process.
However, the court said there was no reason to stop the deal at this stage. It noted that Vedanta’s appeal is already pending before the NCLAT and will be heard soon. The tribunal is expected to take up the matter in the coming days.
While refusing to pause the takeover, the Supreme Court asked the NCLAT to handle the case without delay. It also made it clear that any further steps in implementing the resolution plan should be subject to the tribunal’s approval.
Jaiprakash Associates is currently undergoing insolvency proceedings after defaulting on large debts. As part of the resolution process under the Insolvency and Bankruptcy Code, lenders had selected Adani’s bid over others, including Vedanta’s.
According to reports, lenders favoured Adani’s proposal due to factors such as quicker payments and more certainty in execution, even though Vedanta claimed to have made a higher offer.
The court’s decision is a positive development for the Adani Group, as it allows the acquisition process to continue without interruption. At the same time, Vedanta’s challenge remains active, and the final outcome will depend on the NCLAT’s ruling.