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Vedanta moves Supreme Court challenging Adani’s takeover of Jaypee group’s assets
Mining group Vedanta has approached the Supreme Court seeking a stay on the proposed takeover of the now insolvent Jaypee group’s assets by billionaire Gautam Adani’s Adani group, Moneycontrol reported on Monday.
The case is expected to come up for hearing in the next couple of weeks, unidentified persons told the news outlet.
The plea was filed days after the National Company Law Appellate Tribunal declined to grant an interim stay on the National Company Law Tribunal’s approval of Adani Enterprises’ resolution plan, the Economic Times reported.
The Committee of Creditors had approved the Adani bid, which was subsequently cleared by the National Company Law Tribunal.
Vedanta, led by Anil Agarwal, has argued that its offer for Jaiprakash Associates Limited was higher. It has also questioned the fairness and transparency of the bidding process.
On Sunday, in a social media post Agrawal said that his company was declared the highest bidder during the insolvency proceedings and was informed in writing that it had won, before the outcome was later changed.
He added that Vedanta had “no attachment” to the asset and would place the facts through due process.
The dispute centres on the resolution of Jaiprakash Associates Limited, which entered insolvency in June 2024 after defaulting on loans exceeding Rs 57,000 crore, Economic Times reported.
Competing bids were submitted by Vedanta and Adani Enterprises. Vedanta offered Rs 16,726 crore, higher than Adani Enterprises’ Rs 14,535 crore, Economic Times quoted submissions before the appellate tribunal as having said.
However, the Committee of Creditors approved Adani’s plan, which proposed about Rs 6,000 crore upfront and a faster repayment timeline of around two years, compared to Vedanta’s payout period of up to five years, the news outlet reported.
Moneycontrol reported that Vedanta’s initial bid was Rs 17,000 crore, including roughly Rs 4,000 crore in upfront cash, with the remaining amount payable over six years.
Creditors have maintained that under the Insolvency and Bankruptcy Code, bids are not assessed on value alone but also on factors such as “upfront cash, execution feasibility, and payment timelines”, Economic Times reported.
They also reportedly rejected Vedanta’s revised offer, saying that it was submitted after the bidding deadline and could not be considered without restarting the process.
Jaiprakash Associates holds a significant portfolio, including real estate developments in Uttar Pradesh’s Noida and Greater Noida, infrastructure assets, cement capacity and projects such as Jaypee Greens and the Jaypee International Sports City near the Jewar airport, Economic Times reported.
Source: Scroll
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