Supreme Court refuses stay on Adani's ₹14,543cr JAL takeover plan
The Supreme Court has refused to stay implementation of Adani Enterprises's ₹14,543 crore takeover plan for Jaiprakash Associates Ltd. (JAL), settling a big corporate tug-of-war.
Vedanta Ltd. had challenged the move, arguing its own higher-value bid was ignored, but the court declined to interfere with earlier tribunal orders and required prior NCLAT approval for major steps.
Lenders backed Adani for about ₹6,000cr
Vedanta called out fair and transparent process, saying its improved bid didn't get a fair shot.
Lenders went with Adani's plan because it put nearly ₹6,000 crore in cash on the table right away and promised quicker payments.
With 93.8% creditor support and about 24% recovery on huge claims, the deal follows insolvency rules.
The court also said any big next steps need special approval going forward.