Vedanta has approached the Supreme Court seeking a stay on Adani Enterprises’ resolution plan for Jaiprakash Associates. The dispute centers on alleged lack of transparency and rejection of Vedanta’s revised bid in the insolvency process.
Mining company Vedanta Limited has approached the Supreme Court seeking a stay on the insolvency resolution plan of Adani Enterprises for Jaiprakash Associates Limited (JAL). The case is titled Vedanta Ltd Vs Bhuvan Madan, RP of Jaiprakash Associates. Vedanta has challenged the March 24 order of the National Company Law Appellate Tribunal (NCLAT), which refused to stop the implementation of Adani’s resolution plan.
The NCLAT declined to grant interim relief to Vedanta and said that the issues raised by the company require detailed hearing and consideration after hearing all parties. However, the tribunal also clarified that the implementation of the resolution plan will remain subject to the final outcome of the appeal. This means that although the plan can move forward, it will still be dependent on the final decision in the case.
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Vedanta Chairman Anil Agarwal also reacted to the dispute and said that Vedanta was declared the highest bidder in a “transparent process” but later the outcome was changed. He also shared a message referring to the Bhagavad Gita and wrote,
“Have courage. Stay humble. Do your duty without attachment.”
He said that life tested this principle and also mentioned his past meeting with Jaypee Group founder Shri Jaiprakash Gaur in London.
Jaiprakash Associates Limited, a debt-ridden infrastructure company, was admitted into insolvency by the Allahabad Bench of the National Company Law Tribunal (NCLT) on June 3, 2024, after a petition was filed by ICICI Bank. The total admitted claims against the company were more than ₹57,000 crore.
The National Asset Reconstruction Company Limited became the largest financial creditor and held more than 85 percent voting share in the Committee of Creditors (CoC). The CoC had 27 members, including banks, financial institutions, and homebuyers.
During the insolvency resolution process, 28 expressions of interest were received and 25 applicants were shortlisted. Finally, six companies submitted resolution plans. These included Adani Enterprises, Vedanta, Dalmia Cement (Bharat), Jindal Power, PNC Infratech and Jaypee Infratech.
Among all bidders, Adani Enterprises and Vedanta emerged as the top contenders. After independent evaluation, Adani’s plan was ranked higher, mainly because it offered better upfront recovery and higher overall financial value. In the 23rd meeting of the Committee of Creditors held in November 2025, Adani’s resolution plan was approved with a 93.81 percent voting share. Later, the NCLT approved Adani’s resolution plan on March 17.
Vedanta challenged the rejection of its revised bid and argued that the insolvency process was not transparent and did not maximise value for creditors. After the challenge process was completed, Vedanta submitted an addendum to its resolution plan on November 8, 2025.
However, the Committee of Creditors refused to consider this addendum, stating that the bidding rules did not allow any changes to financial proposals after the process had ended.
The Committee of Creditors opposed Vedanta’s plea and argued that the addendum was submitted only after Vedanta came to know that its upfront payment offer was lower than that of the successful bidder. The CoC said that allowing such changes after the bidding process would damage the fairness and integrity of the insolvency process.
Vedanta then challenged the decisions before the NCLT, which approved Adani’s plan. After that, Vedanta filed an appeal before the NCLAT, but the appellate tribunal refused to stay the resolution plan.
Now, Vedanta has moved the Supreme Court against the NCLAT order, and the matter is expected to be heard by the apex court soon. The Supreme Court’s decision will be important because it will decide whether Adani’s resolution plan will continue or whether the insolvency process will be reviewed again.
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