Vedanta Moves Supreme Court to Stay Adani’s ₹14,535 Crore JAL Takeover

New Delhi: Vedanta Ltd has approached the Supreme Court of India seeking an urgent stay on the proposed ₹14,535 crore acquisition of Jaiprakash Associates Ltd by the Adani Group, escalating an already intense corporate battle that has moved through multiple insolvency forums.

Vedanta files its petition after the National Company Law Tribunal and the National Company Law Appellate Tribunal endorse the Adani resolution plan approved by lenders under the Insolvency and Bankruptcy Code.

Vedanta challenges the approval of Adani’s plan on grounds that the insolvency resolution process does not sufficiently consider its own higher financial offer, which the company claims stands at around ₹16,726 crore.

Vedanta argues before the Supreme Court that the objective of value maximisation for creditors does not receive adequate weight during the evaluation of bids and that procedural aspects of the resolution process warrant judicial scrutiny.

The company seeks a stay on the implementation of the Adani plan until the court examines the legality and fairness of the process followed by the lenders and tribunals.

Adani Enterprises, the vehicle that leads the resolution plan for Jaiprakash Associates, files a caveat in the Supreme Court to ensure that the court hears its submissions before passing any interim order.

Legal representatives on both sides prepare for an early listing as the matter gains urgency due to the potential transfer of control over JAL’s assets.

Jaiprakash Associates enters the corporate insolvency resolution process in June 2024 after defaulting on loans exceeding ₹57,000 crore.

A committee of creditors evaluates multiple bids during 2025 and ultimately votes in favour of the Adani proposal, citing the structure of upfront payments and execution certainty. The tribunal approves the resolution plan in March 2026.

Vedanta challenges that approval before the appellate tribunal, but the appellate forum allows the implementation process to continue while hearing the appeal, prompting Vedanta to move the Supreme Court.

The case places focus on how the Insolvency and Bankruptcy Code balances commercial wisdom of creditors with judicial oversight, particularly when competing bids differ significantly in value and structure.

The Supreme Court’s decision on whether to grant an interim stay now holds immediate consequences for the timeline of the takeover and the control of assets spanning cement, power, infrastructure, and real estate.

The outcome of the petition is likely to influence not only the fate of Jaiprakash Associates but also the interpretation of bid evaluation and creditor discretion in large insolvency cases going forward.