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SC refuses to stay Adani’s Rs 14,535 cr acquisition of JAL, asks NCLAT to hear Vedanta plea fast
The Supreme Court noted that NCLAT had set April 10 to hear Vedanta Limited’s appeal against the National Company Law Tribunal decision approving Adani’s resolution plan.
A bench of CJI Surya Kant and Justice Joymalya Bagchi said that if the monitoring committee planned to take any major policy decision, it should first obtain the Tribunal's sanction.
The Supreme Court Monday declined to interfere with the National Company Law Appellate Tribunal’s (NCLAT) March 24 interim order refusing to stay Adani Enterprises’ resolution plan to acquire Jaiprakash Associates Ltd (JAL) for Rs 14,535 crore.
A bench of Chief Justice of India Surya Kant and Justice Joymalya Bagchi, however, said that if the monitoring committee planned to take any major policy decision, it should first obtain the Tribunal’s sanction.
The court noted that NCLAT had set April 10 to hear Vedanta Limited’s appeal against the National Company Law Tribunal (NCLT) decision approving Adani’s resolution plan.
“In view of the fact that the company appeals…are now listed for final hearing before NCLAT on April 10, 2026, we see no reason to entertain the impugned order of NCLAT. However, having regard to the nature of the issue and its implications, we request the NCLAT to hear the appeal on out of turn basis on the date fixed or immediately on the next working day if the arguments are not completed on the date fixed,” the bench said.
“Since the Appeal is likely to be decided very soon and the interest of the appellant has been adequately protected by the NCLAT in paragraph 7 and 8 of the interim order, there seems to be no legal necessity to issue any other direction except to say that the Monitoring Committee if decides to take any major policy decision….it shall seek the leave of the NCLAT,” the bench added.
Appearing for Vedanta, Senior Advocate Kapil Sibal said the company’s bid was for Rs 17,926 crore while that of Adani was for Rs 14,535 crore. He said what is happening is that the Committee of Creditors (CoC) is willing to give it for Rs 3,000 crore less.
CJI Kant said that the “question is of commercial wisdom” and added that the March 25 order is only an interim one.
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Solicitor General Tushar Mehta, appearing for the CoC, said, “For us, practically the difference is Rs 500 crore.”
Sibal said, “I only want it to be heard on April 10, in the meantime, nothing should be done. To unscramble the deal would be impossible. They want to buy Formula 1, which is owned by JAL…”.
The bench also asked what would happen if it allowed the plan to be implemented without prejudice to Vendanta’s rights. To which, Sibal said it would lead to irreversible consequences, creditors would have been paid, and the corporate structure would have changed.
Mehta said the implementation of the plan would take 50 days and that nothing could happen in 3 days, by which date it would be heard by the NCLAT.
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“Let no substantive policy decision be taken as it is pending before NCLAT,” said Justice Bagchi.
Sibal said, “We only want the monitoring committee to be in place. It should not be disbanded. That’s all.”
Mehta said that’s an indirect request for a stay, adding that the interim order addresses Vedanta’s concerns.
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