Adani Enterprises Stock Rises 2% as NCLAT Adjourns Hearing on Vedanta's JAL Case Appeal

Adani Enterprises Shares Rise as NCLAT Adjourns Hearing on Jaiprakash Associates Bid

Shares of Adani Enterprises gained momentum in Monday's trade after the National Company Law Appellate Tribunal (NCLAT) adjourned the hearing on petitions filed by Vedanta against the company's bid for Jaiprakash Associates. The stock rose 2.07 percent to Rs 2,130.00, according to NSE data.

The appellate tribunal deferred the matter due to a change in the bench composition following the unavailability of a member. The next hearing date is expected to be announced soon. This development comes after Vedanta challenged the March 17 order of the Allahabad bench of the NCLT, which approved Adani Enterprises' Rs 14,535-crore resolution plan for acquiring Jaiprakash Associates through the insolvency process.

Prior to this, on March 24, NCLAT had refused to grant an interim stay on the NCLT order but clarified that the resolution plan would remain subject to the outcome of Vedanta's appeals. The interim order was later taken to the Supreme Court, which also declined to stay the process, while directing that any major policy decision by the monitoring committee would require prior approval from the tribunal.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Notably, Jaypee Group founder chairman Jaiprakash Gaur had issued a statement backing the outcome of the NCLT proceedings. Acknowledging the outcome of the bidding process, Gaur expressed gratitude towards both the Adani Group and the Vedanta Group for their participation and interest. He also praised Gautam Adani's leadership, stating that he has every confidence that under Adani's leadership, the legacy of Jaiprakash Associates will be carried forward with renewed energy, responsibility, and purpose, ensuring that the aspirations of all stakeholders are fulfilled.