SC does not interfere with order allowing Adani to acquire JAL, asks NCLAT to decide expeditiously

The Supreme Court on Monday did not interfere with the order of the National Company Law Appellate Tribunal (NCLAT), which had refused to stay Adani Group’s Rs 14,535 crore bid to acquire Jaiprakash Associates Ltd (JAL).

The bench, however, restrained the monitoring committee of ailing JAL from taking any major policy decision without a prior nod from the NCLAT.

The top court asked mining giant Vedanta Ltd and successful resolution applicant, Adani Enterprises Ltd, to raise contentions and counterclaims before the NCLAT, which will commence final hearing on the row on April 10.

A bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi asked the NCLAT to decide the plea and the counter petition expeditiously on the dispute over the acquisition of JAL by the Adani group.

Earlier, Vedanta Ltd moved the top court seeking a stay on the order approving Adani Group’s Rs 14,535 crore bid to acquire Jaiprakash Associates Ltd (JAL).

Vedanta filed its appeal on March 25, a day after the National Company Law Appellate Tribunal (NCLAT) refused to stay implementation of the plan.

The insolvency appellate tribunal on March 24 declined any interim stay over the Vedanta Group’s plea against the order passed by the National Company Law Tribunal (NCLT) approving the Adani Group’s bid for acquiring JAL.

The NCLAT’s two-member bench sought a response from the Committee of Creditors (CoC) of JAL within a week. It is also directed to list the matter on April 10 for the next hearing.

Vedanta group was in the race to acquire JAL through an insolvency process, but the lenders in November last year approved the resolution plan of Adani Enterprises Ltd. The NCLT approved the Adani Group’s bid.

Challenging the NCLT order, the Vedanta group has filed two appeals before the NCLAT. In the first, it has challenged the validity of the resolution plan, and in the second, it has challenged the approval of the plan by the CoC and the adjudicating authority — the NCLT.