SC Does Not Interfere With Order Allowing Adani To Acquire JAL, Asks NCLAT To Decide Expeditiously

New Delhi: The Supreme Court on Monday declined to interfere with an order of the National Company Law Appellate Tribunal (NCLAT), which refused to stay the Adani Group's Rs 14,535 crore bid to acquire Jaiprakash Associates Ltd (JAL). The matter came up before a bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi.

At the outset, the bench expressed reluctance to interfere with the order and pointed out that the NCLAT had only passed an interim order. Senior Advocate Kapil Sibal, representing Vedanta, contended that he is not seeking an interference by court, and wanted only a direction to ensure that Vedanta's appeal against the resolution plan will be heard on April 10.

The bench asked the NCLAT to expeditiously decide the plea and the counter petition regarding the dispute over the Adani group's acquisition of JAL. However, the apex court restrained the monitoring committee of ailing JAL from taking any major policy decision without prior approval from the NCLAT.

Sibal stressed that his client's offer was over Rs 17,000, crore, whereas the other bidder, Adani, was offering about Rs 14,000 crore. The apex court asked mining giant Vedanta Ltd and successful resolution applicant, Adani Enterprises Ltd, to raise contentions and counterclaims before the NCLAT, which will commence final hearing on April 10.

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

The insolvency appellate tribunal on March 24 declined any interim stay over the Vedanta Group's plea against the order passed by the National Company Law Tribunal (NCLT) approving the Adani Group's bid for acquiring JAL.

The NCLAT's two-member bench sought a response from the Committee of Creditors (CoC) of JAL within a week. It also directed to list the matter on April 10 for the next hearing.

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