Vedanta has moved the Supreme Court, seeking a stay on the resolution plan submitted by the Adani Group for assets of now insolvent Jaypee Group. This is as per a report by Moneycontrol.com. Just a week ago, the National Company Law Tribunal (NCLT) approved the Rs 14,535 crore bid by Adani Enterprises on March 17.
Financialexpress.com could not confirm the news independently. We reached out to Vedanta and will update as soon as we hear from them. The company did not respond to Financialexpress thus far.
The move, incidentally, comes just a day later when Vedanta’s chief, Anil Agarwal claimed through a social media post that Vedanta had received written confirmation that it had won a bid for a Jaypee Group asset, but the decision was subsequently reversed, without elaborating on the reasons. This was in a social media post shared by Anil Agarwal on Sunday attaching a report filed by financialexpress.com on September 5, 2025.
Adani wins JAL bid
In his X post, Agarwal said Vedanta was “declared the highest bidder publicly” to acquire Jaiprakash Associates (JAL) through the insolvency process. “It was a transparent process. We were informed in writing that we had won. But life is never so simple. After some days, the decision was changed,” Aggrawal said in his Linkedin post.
Vedanta has challenged this decision before the National Company Law Appellate Tribunal (NCLAT), which recently refused to grant an interim stay and allowed the process to move forward. The next hearing is scheduled for April 10. According to a report by PTI, The Vedanta group has filed two appeals before the NCLAT. In the first one, it has challenged the validity of the resolution plan, and in the second one, it has challenged the approval of the plan by the CoC and the adjudicating authority (NCLT). Vedanta’s bid value was Rs 16,726 crores, and Adani Enterprises’ bid was Rs 14,535 crore.
High-stakes insolvency case
JAL is among India’s largest insolvency cases, with total defaults of over Rs 57,000 crore. The company entered insolvency in June 2024.
It owns a wide range of assets, including real estate projects like Jaypee Greens in Noida and Greater Noida, the Jaypee International Sports City near the upcoming Jewar airport, hotels, cement plants and infrastructure businesses.