Supreme Court allows Adani’s Rs 14,535 crore JAL bid, curbs panel powers

The Supreme Court of India on Monday, 6 April declined to interfere with an order allowing the Adani Group to acquire Jaiprakash Associates Ltd (JAL), while placing restrictions on the ongoing insolvency process.

The court permitted the Rs 14,535 crore resolution plan submitted by Adani Enterprises Ltd to proceed but directed the monitoring committee supervising JAL’s insolvency not to take any significant policy decisions without prior approval from the National Company Law Appellate Tribunal (NCLAT).

A bench led by Chief Justice of India Surya Kant and Justice Joymalya Bagchi also instructed Adani Enterprises and Vedanta Ltd to present their respective arguments before the appellate tribunal, which is scheduled to take up the matter for final hearing on 10 April.

The case arises from a challenge by Vedanta to the approval of Adani’s bid for JAL. The mining major had sought an interim stay on the process, but NCLAT declined to grant relief on 24 March, allowing the resolution plan to move forward while the appeal is heard. Vedanta subsequently approached the Supreme Court, alleging irregularities in the bidding process and questioning the decision of lenders.

JAL’s committee of creditors had approved Adani’s proposal in November 2025, citing its higher upfront cash component of around Rs 6,000 crore and a faster implementation timeline. The plan later received approval from the National Company Law Tribunal (NCLT) in March 2026, despite objections raised by Vedanta.

Vedanta has maintained that its revised offer provided a superior net present value, estimated at Rs 12,505 crore or higher, and has alleged that the process lacked transparency. It has filed multiple appeals before NCLAT, challenging both the lenders’ decision and the tribunal’s approval.

NCLAT has already sought responses from the committee of creditors and is expected to examine the competing claims during the upcoming hearings.

JAL, a diversified company with interests in real estate, cement and infrastructure, entered insolvency proceedings in June 2024 with debt exceeding Rs 55,000 crore. Its portfolio of assets, including valuable land holdings and infrastructure projects, has made the resolution one of the most high-profile cases under India’s insolvency framework.

While Adani’s plan continues to be implemented following NCLT approval, the Supreme Court’s directions ensure that key decisions remain under oversight until the appellate tribunal delivers its final verdict.

With agency inputs