Vedanta share price jumped over 4% on Tuesday ahead of the NCLAT hearing on the Jaiprakash Associates insolvency case. Vedanta shares gained as much as 4.17% to ₹718.80 apiece on the BSE.
The Delhi bench of the National Company Law Appellate Tribunal (NCLAT) will hear ’s appeal challenging the approval of the resolution plan for Jaiprakash Associates Limited (JAL) on April 10.
The Supreme Court on Monday had declined to stay the implementation of the Adani group’s ₹14,535-crore bid to acquire the debt-ridden Jaiprakash Associates Limited (JAL), but provided a safeguard by restraining the firm’s monitoring committee from taking any “major policy decisions” without prior nod of the NCLAT.
A bench of Chief Justice Surya Kant and Justice Joymalya Bagchi asked Anil Agarwal-led mining giant Vedanta Ltd, which is opposing the resolution plan, and Adani Enterprises Ltd to raise contentions and counterclaims before the NCLAT, which will start final hearing on the row on April 10.
The top court asked the NCLAT to decide the plea and the counter petition expeditiously by hearing them on an “out of turn basis” on the dispute over the acquisition of JAL by the Adani group.
“The upcoming hearing is likely to be a definitive moment in the long-pending JAL insolvency resolution process. The outcome could have significant implications not only for the competing bidders, including Vedanta Limited, but also for creditors awaiting recovery and the IBC’s broader objective of time-bound resolution under India’s insolvency framework. A clear direction from the appellate tribunal may finally determine the path forward in this protracted case,” Vedanta said in a statement.
Jaiprakash Associates Insolvency Case
Vedanta has maintained that it was formally communicated as the highest bidder, both on substantive terms and on a net present value (NPV) basis. It further contended that its resolution plan, pegged at ₹17,926 crore, offers a significantly higher value than the ₹14,535 crore proposed by the other bidder.
As per Vedanta, its resolution plan would result in an additional recovery of about ₹3,400 crore for creditors.
Vedanta sought an expedited hearing on April 10, urging the tribunal to take up the matter at the earliest. It also submitted that the monitoring committee overseeing JAL’s affairs should not be disbanded at this stage. Explaining the need for an interim relief until the pending issues are adjudicated, Vedanta said that allowing the resolution plan to proceed without a stay could lead to complications.
Meanwhile, ’ bid was ₹14,535 crore. In November last year, the CoC approved the resolution plan by business tycoon Gautam Adani to acquire JAL.
Adani Enterprises had outbid Vedanta and Dalmia Bharat to win the bid for JAL. Adani got the maximum 89% votes from creditors, followed by Dalmia Cement (Bharat) and Vedanta Group.
Adani’s bid was preferred as it offered around ₹6,000 crore upfront and faster payments within two years, compared with Vedanta’s longer payment timeline of up to five years.
At 10:50 AM, Vedanta share price was trading 3.66% higher at ₹715.25 apiece on the .
(With inputs from PTI)