Vedanta escalates JAL battle to Supreme Court, challenges Adani’s ₹14,543 crore takeover

NEW DELHI: Billionaire Anil Agarwal-led Vedanta Ltd has stepped up its legal fight against Adani Group’s takeover of Jaiprakash Associates Ltd (JAL), prompting the Supreme Court to challenge Adani Enterprises Ltd’s approval. ₹14,543 crore resolution plan after failing to get a stay from the appellate court.

According to the details on the Supreme Court’s website, MintVedanta filed its plea on March 25, a day after the National Company Law Appellate Tribunal (NCLAT) refused to stay the implementation of the scheme.

A defense was made against JAL’s solution expert Bhuvan Madan, who was a defendant in the case.

Vedanta, the losing bidder in the bankruptcy process, is appealing the lenders’ decision to support Adani Enterprises’ bid, claiming its higher bid was ignored and the process lacked fairness.

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The petition before the apex court came after unsuccessful appeals in both the National Company Law Tribunal (NCLT) and NCLAT. On March 24, the appeals court refused to grant interim relief, subject to the outcome of the appeal, allowing implementation of Adani’s resolution plan.

NCLAT also refused to stay the delisting of Jaiprakash Associates, noting the views of the Committee of Creditors (CoC) that if the resolution plan is ultimately set aside, all actions taken under it, including delisting, will automatically be reversed.

Although details of Vedanta’s defense before the Supreme Court have not yet been made public, the appeal is expected to focus on the refusal to stay implementation of the scheme and wider concerns about the tender process.

Questions sent to Vedanta, Adani Group and solutions expert Madan remained unanswered till the time of publication.

Conflict

At the heart of the dispute is how value should be assessed under the Insolvency and Bankruptcy Code. Vedanta argued that the lenders violated the principle of maximizing value through a fair and transparent process.

It claims to have emerged as the highest bidder during the bidding process. ₹12,505.85 crore on a net present value basis.

Despite this, lenders approved Adani’s plan and Vedanta claimed that it was lower by approx. ₹Its total value is 3,400 crore and ₹500 crore in net present value (NPV). The company also alleged procedural unfairness, stating that it was not given the opportunity to clarify its reasons for rejection or its offer.

Vedanta will submit an improved offer on November 8, 2025, amounting to approximately ₹6,563 crore and equity transfer ₹800 crore, he said, which would result in a better recovery for lenders.

Also Read | Adani gets NCLT approval to acquire JAL, gains scale in north India real estate

But the lenders defended their decision, arguing that the process complied with all IBC rules and that no bidder had a guaranteed right to win, even if he offered the highest value.

The CoC argued that resolution plans are evaluated based on multiple factors, including upfront cash recovery, feasibility, viability and ability to implement, and not just headline value or NPV.

Adani’s plan was preferred as presented ₹6,000 crore upfront and a faster payment timeline of around two years, compared to Vedanta’s offer, which spreads payments over up to five years.

The lenders also rejected Vedanta’s revised bid, stating that the bid was submitted after the tender process closed and its acceptance would require reopening the process for all bidders.

The NCLT, in its judgment dated March 17, upheld the lenders’ decision, reiterating that the commercial wisdom of the CoC is paramount and cannot interfere unless there is a clear legal violation.

Adani’s resolution plan secured approximately 93.8% of the financial creditors’ voting share, well above the required threshold. The largest creditor, National Asset Reconstruction Co. Ltd (NARCL) played a key role in supporting the scheme.

According to the solution plan, Adani Enterprises’ offer is approx. ₹14,543 crore and ₹800 crore allocated for capital expenditure and working capital, the total plan value comes to approx. ₹15,343 crore. Against the allegations made against him ₹60,637 crore, which roughly translates to an improvement of 24%.

Also Read | Why are leading conglomerates racing to take over bankrupt Jaiprakash Associates?

Jaiprakash Associates is a major asset with a land bank of nearly 4,000 acres in Noida, Greater Noida and Yamuna Expressway, including major projects like Jaypee Greens and the upcoming Jaypee International Sports City near Noida International Airport. The company also has hotels, commercial assets and cement capacity of around 6.5 million tonnes, making it an attractive buy for infrastructure-focused groups.

Vedanta chairman Anil Agarwal on Sunday broke his silence on the reversal of the conglomerate’s offer; That offer was rejected by lenders last year, even though the company was the highest bidder. In a post on X, he said Vedanta would appeal to the “right forum”, signaling a legal challenge. He added that the tender was conducted through a public auction under the Insolvency and Bankruptcy Code (IBC), but many bidders withdrew from the tender before Vedanta submitted the highest bid.