SC refuses to stay Adani takeover of JAL, asks NCLAT to decide dispute quickly

The Supreme Court on Monday declined to interfere with an order allowing the Adani Group’s ₹14,535 crore resolution plan to acquire the debt-ridden Jaiprakash Associates Ltd (JAL), while directing the National Company Law Appellate Tribunal (NCLAT) to hear the dispute and decide the matter expeditiously.

A bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi said the appellate tribunal should proceed with the case, which is scheduled for final hearing on April 10 . The court also directed that the monitoring committee overseeing JAL should not take any major policy decisions without prior approval from the NCLAT.

The case involves a high-stakes corporate dispute between Adani Enterprises Ltd , which emerged as the successful resolution applicant , and Vedanta Ltd , which has challenged the outcome of the insolvency process.

Vedanta had approached the Supreme Court seeking a stay on the implementation of Adani’s resolution plan after the NCLAT refused to halt the process on March 24 . The company filed its appeal before the apex court on March 25 , arguing that the approval granted to Adani’s bid required reconsideration.

Earlier, the National Company Law Tribunal (NCLT) had approved the resolution plan after it received backing from the Committee of Creditors (CoC) . The lenders had supported the Adani Group’s proposal in November last year , paving the way for the conglomerate to take over the financially troubled infrastructure major.

However, Vedanta has filed two separate appeals before the NCLAT , challenging both the validity of the resolution plan and the approval granted by the creditors and the tribunal .

With the Supreme Court choosing not to intervene for now, the focus returns to the NCLAT hearing scheduled for April 10 , which is expected to determine the future course of the closely watched insolvency battle for Jaiprakash Associates.