Vedanta moves SC against Adani’s takeover of Jaypee group assets
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New Delhi: Mining major Vedanta Limited has approached the Supreme Court of India seeking a stay on the proposed takeover of the insolvent Jaypee Group’s assets by Adani Group, according to reports on Monday.
The plea comes 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’s resolution plan. The Committee of Creditors had earlier approved Adani’s bid, which was subsequently cleared by the tribunal.
Vedanta, led by Anil Agarwal, has argued that its offer for Jaiprakash Associates Limited was higher and has questioned the fairness and transparency of the bidding process.
In a social media post on Sunday, Agarwal said Vedanta had been declared the highest bidder during the insolvency proceedings and was formally informed of its selection, before the outcome was later changed. He added that the company had “no attachment” to the asset and would pursue the matter through due process.
The dispute centres on the resolution of Jaiprakash Associates Limited, which entered insolvency in June 2024 after defaulting on loans exceeding ₹57,000 crore. Competing bids were submitted by Vedanta and Adani Enterprises, with Vedanta offering ₹16,726 crore—higher than Adani’s ₹14,535 crore, as per submissions before the appellate tribunal.
However, the Committee of Creditors approved Adani’s plan, citing factors beyond bid value, including around ₹6,000 crore in upfront payment and a faster repayment timeline of about two years, compared to Vedanta’s proposed payout period of up to five years. Vedanta’s initial bid was reported at ₹17,000 crore, including roughly ₹4,000 crore upfront, with the remaining amount payable over six years.
Creditors have maintained that under the Insolvency and Bankruptcy Code, bids are evaluated not solely on value but also on parameters such as upfront cash, execution feasibility and payment timelines. They also rejected Vedanta’s revised offer, stating 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 projects in Noida and Greater Noida, infrastructure assets, cement capacity, and developments such as Jaypee Greens and the Jaypee International Sports City near the Jewar airport.