NEW DELHI: Billionaire Anil Agarwal-led Vedanta Ltd has escalated its legal battle against the Adani Group’s takeover of Jaiprakash Associates Ltd (JAL), moving the Supreme Court to challenge the approval of Adani Enterprises Ltd’s ₹14,543 crore resolution plan after failing to secure a stay from the appellate tribunal.
According to details available on the Supreme Court website seen by Mint, Vedanta filed its plea on 25 March, a day after the National Company Law Appellate Tribunal (NCLAT) refused to stay implementation of the plan.
The plea has been filed against JAL’s resolution professional, Bhuvan Madan, who has been made a respondent in the case.
Vedanta, the losing bidder in the insolvency process, has been contesting lenders’ decision to back bid, alleging that its higher offer was ignored and that the process lacked fairness.
The petition before the top court follows failed challenges at both the National Company Law Tribunal (NCLT) and the NCLAT. On 24 March, the appellate tribunal declined to grant interim relief, allowing implementation of Adani’s resolution plan to proceed while keeping it subject to the outcome of the appeal.
The NCLAT also refused to halt the delisting of Jaiprakash Associates, noting submissions from the Committee of Creditors (CoC) that if the resolution plan is eventually set aside, all actions taken under it, including delisting, would automatically stand reversed.
While details of Vedanta’s plea before the Supreme Court are not yet public, the challenge is expected to focus on the refusal to stay the plan’s implementation and broader concerns around the bidding process.
Queries sent to Vedanta, the Adani Group, and resolution professional Madan remained unanswered till press time.
The dispute
At the heart of the dispute is how value should be assessed under the Insolvency and Bankruptcy Code. has argued that lenders violated the principle of maximizing value through a fair and transparent process.
It claims to have emerged as the highest bidder during the challenge process, with an offer of ₹12,505.85 crore on a net present value basis.
Despite this, lenders approved Adani’s plan, which Vedanta claims was lower by about ₹3,400 crore in total value and ₹500 crore in net present value (NPV). The company has also alleged procedural unfairness, stating that it was not given reasons for rejection or an opportunity to clarify its proposal.
Vedanta had submitted an improved offer on 8 November 2025, increasing upfront cash to about ₹6,563 crore and equity infusion to ₹800 crore, which it said would have resulted in better recovery for lenders.
Lenders, however, have defended their decision, maintaining that the process complied with all IBC rules and that no bidder has a guaranteed right to win, even if it offers the highest value.
The CoC argued that resolution plans are evaluated on multiple factors, including upfront cash recovery, feasibility, viability and execution capability, not just headline value or NPV.
Adani’s plan was preferred as it offered around ₹6,000 crore upfront and a faster payment timeline of about two years, compared with Vedanta’s proposal, which spread payments over up to five years.
also rejected Vedanta’s revised offer, stating that it was submitted after the bidding process had closed and that accepting it would have required reopening the process for all bidders.
The NCLT, in its 17 March order, upheld the lenders’ decision, reiterating that the commercial wisdom of the CoC is paramount and cannot be interfered with unless there is a clear legal violation.
Adani’s resolution plan secured about 93.8% of the voting share from financial creditors, well above the required threshold. National Asset Reconstruction Co. Ltd (NARCL), the largest creditor, played a key role in backing the plan.
According to the resolution plan, Adani Enterprises’ bid stands at about ₹14,543 crore, and with ₹800 crore earmarked for capital expenditure and working capital, the total plan value comes to around ₹15,343 crore. Against admitted claims of about ₹60,637 crore, this translates into a recovery of roughly 24%.
Jaiprakash Associates is a significant asset, with a land bank of nearly 4,000 acres across Noida, Greater Noida, and the Yamuna Expressway, including marquee projects such as Jaypee Greens and the Jaypee International Sports City near the upcoming Noida International Airport. The company also has hotels, commercial assets and cement capacity of around 6.5 million tonnes, making it an attractive acquisition for infrastructure-focused groups.
Vedanta chairman Anil Agarwal on Sunday broke his silence on the reversal of the conglomerate’s bid, which was turned down by lenders last year despite the company being the highest bidder. In a post on X, he said Vedanta would approach the “right forum”, signalling a legal challenge. He added that the bidding was conducted through a public auction under the Insolvency and Bankruptcy Code (IBC), but several bidders dropped out before Vedanta placed the highest bid.