New Delhi, Apr 6 (PTI) The Supreme Court on Monday declined to stay the implementation of the Adani group's Rs 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 National Company Law Appellate Tribunal.

A bench of Chief Justice Surya Kant and Justice Joymalya Bagchi asked mining giant Vedanta Ltd, which is opposing the resolution plan, and Adani Enterprises Ltd to raise contentions and counterclaims before the National Company Law Appellate Tribunal (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.

"In view of the fact that the company appeals are now listed for final hearing at the NCLAT on April 10, 2026, we see no reason to interfere with the impugned order. However, having regard to the nature of the issue, we request the NCLAT to hear the appeal on an out-of-turn basis on the date fixed or immediately on the next working day if arguments do not conclude. Both sides have assured us full cooperation on the date fixed," it ordered.

"Since the appeal is likely to be decided very soon and the interest of the appellant has been adequately protected in the impugned order, there seems to be no necessity to issue any other direction. If the monitoring committee decides to take any major policy decision, they will take leave of the NCLAT," the bench said.

Senior advocate Kapil Sibal, appearing for Vedanta Ltd, said the NCLAT itself says there were issues to be decided and their bid was the highest.

"If this (resolution) plan is implemented, then you see what the creditors get. My number is Rs 17, 926.21 crore.

"They (Adani) are paying 14,000-odd crore. Creditors will get more. Qua net present value and total amount, I am the highest. Creditors are willing to give Jaypee for 3,000 crore less," Sibal said.

The committee of creditors was represented by Solicitor General Tushar Mehta. The Adani group was represented by senior advocate Mukul Rohatgi with a team from the legal firm Karanjawala and Co.

The CJI said the issue was at an interim stage only.

The solicitor general said the difference between the two bids is Rs 500 crore and, moreover, there are several other parameters.

Earlier, Vedanta moved the top court seeking a stay on the National Company Law Tribunal's (NCLT's) order approving Adani Group's Rs 14,535-crore bid to acquire JAL. Vedanta filed its appeal on March 25, a day after the NCLAT refused to stay the implementation of the plan.

The NCLAT on March 24 declined any interim stay over Vedanta's plea against the order passed by the NCLT approving the Adani Group's bid.

It also directed to list the matter on April 10 for the next hearing.

The Vedanta group was in the race to acquire JAL through an insolvency process, but the lenders in November last year approved the resolution plan of Adani Enterprises Ltd. The NCLT approved the Adani Group's bid.

Challenging the NCLT order, the Vedanta group filed two appeals before the NCLAT. In the first, it challenged the validity of the resolution plan, and in the second, it challenged the approval of the plan by the committee of creditors (CoC) and the adjudicating authority -- the NCLT.

In its hearing, the NCLAT said all the parties have agreed that, looking at the nature of the issues raised in the appeal, the matter needs to be decided at an early date.

The NCLAT clarified that the implementation of the plan would be subject to the outcome of the appeals filed by the Anil Agarwal-led Vedanta Group.

On March 17, the NCLT, Allahabad bench, approved Adani's bid to acquire JAL through the insolvency process. This was challenged by Vedanta before the NCLAT, which directed that Adani Enterprises be a party.

During the proceedings of the NCLAT, the counsel representing Vedanta had contended that it was declared the highest bidder by JAL's Committee of Creditors. Vedanta's bid value was Rs 16,726 crore, and Adani Enterprises' bid was Rs 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 per cent votes from creditors, followed by Dalmia Cement (Bharat) and Vedanta Group.

Adani's bid was preferred as it offered around Rs 6,000 crore upfront and faster payments within two years, compared with Vedanta's longer payment timeline of up to five years.

JAL, which has high-quality assets and business interests spanning real estate, cement manufacturing, hospitality, power, engineering and construction, was admitted to the Corporate Insolvency Resolution Process (CIRP) in June 2024 after it defaulted on payments of loans aggregating Rs 57,185 crore.

JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida -- both on the outskirts of the national capital -- and the Jaypee International Sports City, located near the upcoming Jewar International Airport.

It has three commercial office spaces in Delhi-NCR, while its hotel division has five properties in the National Capital Region (NCR), Mussoorie and Agra.

JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh.

It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd and several other companies. PTI SJK MNL KSS KSS