Overview
- The Supreme Court declined Monday to halt Adani Enterprises’ Rs 14,535 crore plan to take over Jaiprakash Associates and set Vedanta’s appeal for April 10 at the insolvency appellate tribunal.
- The bench directed that JAL’s monitoring committee must seek NCLAT approval before any major policy decision to avoid actions that are difficult to unwind.
- Lenders had approved Adani’s plan with about 93.8% support, the NCLT cleared it on March 17, and the NCLAT on March 24 let implementation continue subject to the appeal’s outcome.
- Vedanta argues its Rs 17,926 crore offer and a November 8, 2025 addendum were not fairly considered, saying creditors would recover more under its proposal.
- The creditors’ counsel says the practical gap between bids is about Rs 500 crore and cites faster upfront payments under Adani’s plan, adding implementation would take roughly 50 days.