Vedanta Seeks Supreme Court Intervention to Halt Adani Group's Jaypee Asset Acquisition Plan

Vedanta Seeks Stay on Adani Group's Resolution Plan for Jaypee Assets

Background

The Adani Group has submitted a resolution plan for the assets of insolvent Jaypee Group, which defaulted on loans worth Rs 57,000 crore. The National Company Law Appellant Tribunal (NCLAT) had initially refused to stay the plan, prompting Vedanta to move the Supreme Court seeking a stay.

Dispute

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The dispute revolves around which resolution plan offers better value for the creditors. Vedanta claims its plan had a higher Net Present Value (NPV) and therefore should have been approved. In contrast, Adani Group offered to pay Rs 14,535 crore, with an upfront cash payment of Rs 6,000 crore. Vedanta, on the other hand, submitted a revised bid of Rs 16,726 crore, with an upfront cash payment of Rs 6,563 crore.

Timeline

• June 24, 2025: Bids were submitted by potential buyers.
• November 2025: Vedanta revised its bid to make it more competitive.
• January 2026: Vedanta moved the National Company Law Tribunal (NCLT) contesting the decision of creditors approving the Adani Group plan.
• March 17, 2026: NCLT dismissed Vedanta's case and approved the Adani Group resolution plan.
• March 29, 2026: Vedanta chairman Anil Agrawal posted on social media that the company was already approved as a successful bidder for Jaypee Assets.
• April 14, 2026: NCLAT is expected to hear the case again.

Next Steps

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The Supreme Court will hear Vedanta's plea seeking a stay on the Adani Group's resolution plan. The outcome of the case will determine which company will acquire the assets of the insolvent Jaypee Group.