Mining company Vedanta Limited has moved the Supreme Court seeking stay on Adani Enterprises's insolvency resolution plan for Jaiprakash Associates Limited (JAL) [Vedanta Ltd Vs Bhuvan Madan, RP of Jaiprakash Associates]..Vedanta has challenged an order passed by the National Company Law Appellate Tribunal (NCLAT) on March 24 refusing to halt Adani's plan.The NCLAT had declined interim relief to Vedanta after noting that issues raised by Vedanta require detailed consideration after hearing all parties. It had also clarified that implementation of the plan would remain subject to the outcome of the appeal..On Sunday, Vedanta chairman Anil Agarwal also weighed in on the dispute, stating that the company had been declared the highest bidder in a “transparent process” but that the outcome was subsequently altered..Jaiprakash Associates, a debt-laden infrastructure conglomerate, was admitted into insolvency by the Allahabad Bench of the National Company Law Tribunal on June 3, 2024, on a petition filed by ICICI Bank.The total admitted claims against the company exceeded ₹57,000 crore. The National Asset Reconstruction Company Limited emerged as the largest financial creditor with over 85 per cent voting share in the Committee of Creditors (CoC), which comprised 27 members including banks, financial institutions and a class of homebuyers.As part of the resolution process, 28 expressions of interest were received, of which 25 prospective applicants were shortlisted. Ultimately, six entities submitted resolution plans, including Adani Enterprises, Vedanta, Dalmia Cement (Bharat), Jindal Power, PNC Infratech and Jaypee Infratech.Adani Enterprises and Vedanta emerged as the leading bidders. Independent evaluation placed Adani’s plan ahead, particularly on upfront recovery and overall financial value. In its 23rd meeting in November 2025, the CoC approved Adani’s plan with a 93.81 per cent voting share. The NCLT approved this resolution plan on March 17. .Vedanta challenged the rejection of its revised bid, contending that the insolvency process lacked transparency and failed to maximise value for creditors.After the conclusion of the challenge process, Vedanta submitted an addendum to its resolution plan on November 8, 2025. The CoC declined to consider the addendum, citing the bidding framework which prohibited post-process modifications to financial proposals..The Committee of Creditors opposed Vedanta’s plea, arguing that the addendum was submitted after Vedanta became aware that its upfront payment was lower than that of the successful resolution applicant. It maintained that allowing such revisions after the conclusion of the process would undermine the integrity of the bidding framework.Vedanta challenged the decisions before NCLT which approved Adani's plan. The mining giant then filed an appeal before the NCLAT which refused to stay the plan. This order has now been challenged before the apex court..Follow Bar and Bench channel on WhatsAppDownload the Bar and Bench Mobile app for instant access to the latest legal news.
