The Supreme Court declined to halt Adani Enterprises’ resolution plan for Jaiprakash Associates Ltd., dealing a blow to Vedanta Group. The court, led by Chief Justice Surya Kant, cited the upcoming final hearing before the National Company Law Appellate Tribunal on April 10 as reason not to interfere. Any significant policy decisions during this period will require NCLAT’s approval.
Vedanta had sought a stay on Adani Enterprises’ Rs 14,500-crore plan, alleging lack of transparency in the insolvency process. The company argued that its higher bid of Rs 16,726 crore was unfairly overturned without proper explanation. However, lenders defended Adani’s plan, emphasizing factors beyond financial value like upfront payment and repayment timelines.
The Committee of Creditors maintained that Adani’s proposal was favored due to its higher upfront payment and shorter repayment schedule. They argued that Vedanta’s revised bid came after the bidding deadline, necessitating a restart of the process. Earlier, the NCLAT had refused interim relief against Adani’s plan approval, allowing the insolvency process to proceed while seeking stakeholder feedback.
