.png){kind=logo}
The Supreme Court has refused to stay Adani’s Rs. 14,535 crore acquisition of JAL, while directing NCLAT to expedite the hearing of Vedanta’s plea. It marks a key development in the ongoing legal dispute. A bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi asked the NCLAT to decide the plea and the counter petition expeditiously on the dispute over the acquisition of JAL by the Adani group.
The Supreme Court on Monday (April 6, 2026) did not interfere with the order of the National Company Law Appellate Tribunal (NCLAT), which had refused to stay Adani Group's Rs. 14,535 crore bid to acquire Jaiprakash Associates Ltd (JAL). The bench restrained the monitoring committee of ailing JAL from taking any major policy decision without a prior nod from the NCLAT.
The top court asked mining giant Vedanta Ltd and successful resolution applicant, Adani Enterprises Ltd, to raise contentions and counterclaims before the NCLAT, which will commence final hearing on the row on April 10.
Vedanta, led by Anil Agarwal, has challenged the Allahabad bench of the National Company Law Tribunal’s (NCLT) 17 March order approving Adani Enterprises’ plan and rejecting the mining company’s objections. It had earlier termed the approval a “commercial conspiracy” and sought reconsideration of its own bid.
“The matter is sub judice and hence we cannot comment,” a Vedanta spokesperson said.
Vedanta has argued that lenders failed to maximize value through a fair process, claiming it was the highest bidder with an offer of Rs. 12,505.85 crore on a net present value (NPV) basis. Despite this, lenders approved Adani’s plan, which Vedanta says was lower by about Rs. 3,400 crore in total value and Rs. 500 crore in NPV. The company also alleged procedural unfairness, saying it was neither given reasons nor an opportunity to clarify its proposal.
Vedanta further pointed to an improved offer submitted on 8 November 2025, increasing upfront cash to about Rs. 6,563 crore and equity infusion to Rs. 800 crore. At the centre of the dispute is how value should be assessed under the Insolvency and Bankruptcy Code (IBC).
Also Read: Adani Total Gas Share Price Drops Over 12% in Two Sessions: Here’s What’s Behind the Sell-Off
Adani’s plan secured about 93.8% of the voting share from financial creditors, well above the required threshold. National Asset Reconstruction Co. Ltd (NARCL), the largest creditor, played a key role in backing the plan.
Under the resolution plan, Adani Enterprises’ bid stands at about Rs. 14,543 crore. Including Rs. 800 crore earmarked for capex and working capital, the total plan value is around Rs. 15,343 crore. Against admitted claims of about Rs. 60,637 crore, this implies a recovery of roughly 24%.
Lenders said resolution plans were evaluated on multiple factors, including upfront cash, feasibility, and execution capability, not just headline value. Adani’s plan was preferred as it offered around Rs. 6,000 crore upfront and faster payments within two years, compared with Vedanta’s payout timeline of up to five years.
