SC clears path for Adani’s JAL bid, asks NCLAT for speedy verdict

The Supreme Court on Monday declined to stay the implementation of the Adani groups Rs 14535crore bid to acquire the debtridden Jaiprakash Associates Limited JAL but provided a safeguard by restraining the firms monitoring committee from taking any major policy decisions without prior nod of the National Company Law Appellate TribunalA bench of Chief Justice Surya Kant and Justice Joymalya Bagchi asked mining giant Vedanta Ltd which is opposing the resolution plan and Adani Enterprises Ltd to raise contentions and counterclaims before the National Company Law Appellate Tribunal NCLAT which will start final hearing on the row on April 10The top court asked the NCLAT to decide the plea and the counter petition expeditiously by hearing them on an out of turn basis on the dispute over the acquisition of JAL by the Adani groupIn view of the fact that the company appeals are now listed for final hearing at the NCLAT on April 10 2026 we see no reason to interfere with the impugned order However having regard to the nature of the issue we request the NCLAT to hear the appeal on an outofturn basis on the date fixed or immediately on the next working day if arguments do not conclude Both sides have assured us full cooperation on the date fixed it orderedSince the appeal is likely to be decided very soon and the interest of the appellant has been adequately protected in the impugned order there seems to be no necessity to issue any other direction If the monitoring committee decides to take any major policy decision they will take leave of the NCLAT the bench saidSenior advocate Kapil Sibal appearing for Vedanta Ltd said the NCLAT itself says there were issues to be decided and their bid was the highestIf this resolution plan is implemented then you see what the creditors get My number is Rs 17 92621 croreThey Adani are paying 14000odd crore Creditors will get more Qua net present value and total amount I am the highest Creditors are willing to give Jaypee for 3000 crore less Sibal saidThe committee of creditors was represented by Solicitor General Tushar Mehta The Adani group was represented by senior advocate Mukul Rohatgi with a team from the legal firm Karanjawala and CoThe CJI said the issue was at an interim stage onlyThe solicitor general said the difference between the two bids is Rs 500 crore and moreover there are several other parametersEarlier Vedanta moved the top court seeking a stay on the National Company Law Tribunals NCLTs order approving Adani Groups Rs 14535crore bid to acquire JAL Vedanta filed its appeal on March 25 a day after the NCLAT refused to stay the implementation of the planThe NCLAT on March 24 declined any interim stay over Vedantas plea against the order passed by the NCLT approving the Adani Groups bidIt also directed to list the matter on April 10 for the next hearingThe Vedanta group was in the race to acquire JAL through an insolvency process but the lenders in November last year approved the resolution plan of Adani Enterprises Ltd The NCLT approved the Adani Groups bidChallenging 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 NCLTIn its hearing the NCLAT said all the parties have agreed that looking at the nature of the issues raised in the appeal the matter needs to be decided at an early dateThe NCLAT clarified that the implementation of the plan would be subject to the outcome of the appeals filed by the Anil Agarwalled Vedanta GroupOn March 17 the NCLT Allahabad bench approved Adanis bid to acquire JAL through the insolvency process This was challenged by Vedanta before the NCLAT which directed that Adani Enterprises be a partyDuring the proceedings of the NCLAT the counsel representing Vedanta had contended that it was declared the highest bidder by JALs Committee of CreditorsVedantas bid value was Rs 16726 crore and Adani Enterprises bid was Rs 14535 croreIn November last year the CoC approved the resolution plan by business tycoon Gautam Adani to acquire JALAdani Enterprises had outbid Vedanta and Dalmia Bharat to win the bid for JAL Adani got the maximum 89 per cent votes from creditors followed by Dalmia Cement Bharat and Vedanta GroupAdanis bid was preferred as it offered around Rs 6000 crore upfront and faster payments within two years compared with Vedantas longer payment timeline of up to five yearsJAL which has highquality 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 Rs 57185 croreJAL 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 AirportIt has three commercial office spaces in DelhiNCR while its hotel division has five properties in the National Capital Region NCR Mussoorie and AgraJAL has four cement plants in Madhya Pradesh and Uttar Pradesh and a few leased limestone mines in Madhya PradeshIt also has investments in subsidiaries including Jaiprakash Power Ventures Ltd Yamuna Expressway Tolling Ltd Jaypee Infrastructure Development Ltd and several other companiesThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever