SC Allows Adani’s ₹14,543 Cr JAL Plan To Proceed, Vedanta Challenge Rejected But Case Continues

New Delhi/Mumbai: The Supreme Court has refused to stop Adani Enterprises’ Rs 14,543 crore resolution plan for bankrupt Jaiprakash Associates Ltd (JAL). The court dismissed Vedanta’s request to halt the process, allowing implementation to continue for now.

However, the court said that the monitoring committee must take approval from the National Company Law Appellate Tribunal (NCLAT) before making any major decisions.

Case Still Under Review

The court also asked NCLAT to hear Vedanta’s appeal quickly. The next hearing is scheduled for 10 April.

This means the deal is not fully final yet, and further legal action can still change the outcome.

Vedanta’s Main Argument

Vedanta, which lost the bid, argued that its offer was higher and better for lenders. It claimed its total bid was around Rs 17,926 crore, which was more than Adani’s offer.

Vedanta also said the process was unfair and lacked transparency, as it was not given clear reasons for rejection.

Adani Plan Backed by Lenders

Lenders and the Committee of Creditors (CoC) supported Adani’s plan. They said the decision was based on more than just the highest bid.

Key reasons included:

- Faster upfront payment (around Rs 6,000 crore)

- Better execution plan

- Shorter payment timeline (about 2 years vs 5 years)

Court Notes on Process

The Supreme Court noted that reversing the deal later would be difficult but not impossible. It also said that actions like delisting could be reversed if needed.

The court did not find enough reason to stop the plan at this stage.

About the JAL Asset

Jaiprakash Associates is a large company with valuable assets, including:

Nearly 4,000 acres of land in Noida and nearby areas

Real estate projects like Jaypee Greens

Cement capacity of 6.5 million tonnes

Hotels and commercial properties

Recovery for Lenders

Adani’s plan is valued at about Rs 15,343 crore including investments. Against total claims of Rs 60,637 crore, lenders will recover around 24%.

The plan was approved by 93.8% of creditors, showing strong support.

What Happens Next?

The final outcome will depend on the NCLAT hearing. Till then, the implementation of Adani’s plan will move forward step by step, under court supervision.