Vedanta Approaches Supreme Court to Halt Adani’s Jaiprakash Associates Deal

Mining billionaire Anil Agarwal’s Vedanta Group has contacted the Supreme Court, looking to stay on the proposed takeover of Jaiprakash Associates Ltd (JAL) by Gautam Adani’s Adani Group. It can raise its legal challenge against the resolution procedure of the debt-laden Jaypee Group flagship.

The shift comes even as Agarwal on Sunday openly claimed that Vedanta had earlier been declared the highest bidder for JAL. It had received written proof to that effect, just for the decision to be reversed later without details.

Agarwal, in a post on social media, said that the bidding process was “transparent”. The Vedanta was “declared the highest bidder publicly” during the liquidation proceedings. He also said, “We were informed in writing that we had won.” It can add that the outcome was later changed. However, he can refrain from detailing the reasons. They said that the matter would be planned in the right legal forum.

Jaiprakash Associates was admitted for insolvency in June 2024 after defaulting on loans exceeding ₹57,000 crore. It can attract competing bids from Vedanta and the Adani Group. According to submissions before the appellate tribunal, Vedanta kept a higher bid of ₹16,726 crore, surpassing Adani Enterprises’ present of ₹14,535 crore.

Meanwhile, the Committee of Creditors really approved the Adani bid, which was later cleared by the National Company Law Tribunal. Vedanta challenged it earlier the National Company Law Appellate Tribunal, arguing that its higher bid must have been given priority.

In the Vedanta Supreme Court plea last week, the NCLAT declined to grant a provisional stay on the NCLT’s approval of Adani’s declaration plan. It has sought responses from the lenders. The matter is planned for more hearings in April.