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Informist, Monday, Apr. 6, 2026

 

 

--SC refuses to stay Adani Ent's resolution plan for Jaiprakash Associates 

--CONTEXT:Vedanta in SC against Adani Ent IBC plan for Jaiprakash Associates

 

 

NEW DELHI – The Supreme Court Monday refused to stay the implementation of Adani Enterprises Ltd.'s INR-145-billion resolution plan for debt-ridden Jaiprakash Associates Ltd. and rejected Vedanta Ltd.'s plea for an interim relief. Vedanta had challenged Adani Enterprises' resolution plan, terming the process followed by the committee of creditors of Jaiprakash Associates in approving the plan as "unfair, opaque, and inequitable". "In view of the fact that the company appeals are now listed for final hearing at National Company Law Appellate Tribunal on Apr. 10, 2026, we see no reason to interfere with impugned order," said the bench led by Chief Justice of India Surya Kant.

 

The apex court asked the appellate tribunal to hear Vedanta's appeal against Adani Enterprises' resolution plan on an out-of-turn basis on the date fixed or immediately on next working day if arguments do not conclude. If the monitoring committee of Jaiprakash Associates decides to take any major policy decision, they will take leave of the appellate tribunal, said the top court.

 

Last month, the National Company Law Appellate Tribunal said that there was no case made out for staying the implementation of Adani Enterprises' resolution plan. The appellate tribunal had refused to stay the delisting of debt-ridden Jaiprakash Associates Ltd. from exchanges on an appeal by Vedanta.

 

 

Vedanta argued that it was the highest bidder for Jaiprakash Associates in the challenge process conducted for the resolution of debt-ridden entity. Vedanta said that at every stage of the insolvency process, it was told that it had the highest bid. However, through recourse to some unknown methodology of scoring resolution plans, its plan had been rejected by the committee of creditors, Vedanta said.

 

The objective of the Insolvency and Bankruptcy Code was value maximisation and its offer was much more than Adani Enterprises, said Vedanta. However, the committee of creditors of Jaiprakash Associates, by adopting an incorrect criteria for evaluation of resolution plans, declared Adani Enterprises the successful resolution applicant, Vedanta said. This requires consideration as the corporate insolvency process ran contrary to the objective of the 2016 code, said Vedanta, seeking that no equity should be created in allowing Adani Enterprises to implement the resolution plan. 

 

The committee of creditors of Jaiprakash Associates said that the evaluation of the resolution plans was according to Insolvency and Bankruptcy Code evaluation matrix and each aspect of Adani Enterprises' plan was in accordance with the law. Adani Enterprises argued that there was no substantial challenge to its resolution plan by Vedanta, and it had been rightly approved by the committee of creditors and the Allahabad bench of the National Company Law Tribunal.

 

In 2024, the Allahabad bench of the National Company Law Tribunal admitted ICICI Bank's insolvency petition against Jaiprakash Associates under the Insolvency and Bankruptcy Code for debt of INR 12.69 billion. The order was upheld by the National Company Law Appellate Tribunal the same year.

 

Last year, the committee of creditors of Jaiprakash Associates approved the resolution plan put forth by Adani Enterprises. Entities that had bid to take over Jaiprakash Associates also included Dalmia Bharat Ltd. and Jindal Power Ltd. While Vedanta group put in a bid of INR 170 billion, Adani Enterprises had proposed to take over the company for INR 145 billion.

 

At 1244 IST, shares of Vedanta were up 0.5% at INR 690.85 on the National Stock Exchange. Shares of Jaiprakash Associates were down 4.7% at INR 2.42, while those of Adani Enterprises were up 0.9% at INR 1,849.90 on the NSE.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Akul Nishant Akhoury

 

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