Supreme Court Gives Green Light to Adani Group's ₹14,543 Crore JAL Infrastructure Project

Supreme Court Refuses to Stay Adani Enterprises' Resolution Plan for Jaiprakash Associates

The Supreme Court on Monday declined to stay the implementation of Adani Enterprises Ltd's ₹14,543 crore resolution plan for bankrupt Jaiprakash Associates Ltd (JAL), rejecting a challenge by mining major Vedanta Ltd. The bench led by Chief Justice Surya Kant and Justice Joymalya Bagchi refused to interfere with the orders of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT), which had cleared the way for the plan's rollout.

However, the court directed the committee overseeing the resolution to seek prior NCLAT approval before taking any major steps, and asked the appellate tribunal to hear the matter expeditiously. The NCLAT is scheduled to hear the case on 10 April.

Vedanta, the losing bidder, has challenged lenders' approval of Adani's plan, alleging its higher offer was ignored and that the process lacked fairness and transparency. The petition before the top court followed failed challenges at both the NCLT and the NCLAT. On 24 March, the appellate tribunal declined interim relief, allowing implementation of Adani's plan to proceed, subject to the outcome of the appeal.

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Dispute Over Value Assessment

At the heart of the dispute is how value should be assessed under the Insolvency and Bankruptcy Code. Vedanta has argued that lenders violated the principle of maximising value through a fair and transparent process. The company claims that its offer of ₹12,505.85 crore on a net present value basis was higher than Adani's plan, which it alleges was lower by about ₹3,400 crore in total value and ₹500 crore in net present value.

Vedanta had submitted an improved offer on 8 November 2025, increasing upfront cash to about ₹6,563 crore and equity infusion to ₹800 crore, which it said would have resulted in better recovery for lenders. Lenders, however, have defended their decision, maintaining that the process complied with all Insolvency and Bankruptcy Code (IBC) rules and that no bidder has a guaranteed right to win, even if it offers the highest value.

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Resolution Process

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. According to the resolution plan, Adani Enterprises' bid stands at about ₹14,543 crore, and with ₹800 crore earmarked for capital expenditure and working capital, the total plan value comes to around ₹15,343 crore. Against admitted claims of about ₹60,637 crore, this translates into a recovery of roughly 24%.

Jaiprakash Associates is a significant asset, with a land bank of nearly 4,000 acres across Noida, Greater Noida, and the Yamuna Expressway, including marquee projects such as Jaypee Greens and the Jaypee International Sports City near the upcoming Noida International Airport. The company also has hotels, commercial assets, and cement capacity of around 6.5 million tonnes, making it an attractive acquisition for infrastructure-focused groups.