Vedanta reached Supreme Court against Adani, appealed for verdict in JP property dispute, Supreme Court said- NCLAT should decide
JP Property Dispute: The corporate war over the acquisition of Jaypee Infratech has reached the country’s biggest court. Vedanta has approached the Supreme Court against Adani in the Jaypee property dispute. Anil Aggarwal’s company Vedanta has filed a petition in the Supreme Court against the acquisition of Jaypee’s assets by Adani Group. Vedanta has challenged the order of the National Company Law Tribunal (NCLT) in which Adani Group was given approval to take over the assets of Jaypee under the resolution plan.
While hearing the case, the Supreme Court has refused to intervene immediately. Giving important instructions, the Supreme Court said that if the Monitoring Committee wants to take any major ‘policy decision’ during this period, it will first have to take permission from NCLAT.
The country’s top court said that because the matter is already listed for hearing before the National Company Law Appellate Tribunal (NCLAT) on April 10. Therefore, the country’s top court requested NCLAT to hear the case on the scheduled date (April 10) only. Since a decision on the appeal is expected soon, the court did not issue any new stay order.
What argument did Vedanta put forward?
During the hearing in the Supreme Court, senior lawyer Kapil Sibal, on behalf of Vedanta, argued that his company had made a big bid. Sibal said that our bid was Rs 3000 crore more than Adani. We were given a formal letter informing us that we were the highest bidder, but despite this, discrepancies were made in the process. Vedanta appealed to the court that the assets should not be transferred until the case is fully heard. He particularly expressed concern over the acquisition of Formula 1 (F1) tracks and several other big projects.
Questions raised on the process
During the hearing, senior lawyer A.M. appeared on behalf of JP. Singhvi said the resolution professional did not give any clear statement on whose plan was better. At the same time, Mukul Rohatgi, representing the Adani Group, argued that Vedanta had not opposed the plan at the initial stage. Justice Bagchi during this time remarked that for any major decision or step of the Committee of Creditors (COC), the approval of the concerned authorities and the tribunal is mandatory.
What is the whole controversy?
In June 2024, Jaiprakash Associates was included in the bankruptcy process as the company had a loan of about Rs 57185 crore. Many big companies were in the race to acquire JAL. Vedanta Chairman recently tweeted that he had received written confirmation of Vedanta winning the bid for Jaypee Group’s assets in September itself. However, this decision was later reversed. Vedanta filed a petition in the Supreme Court regarding this. Vedanta had filed a petition in the Supreme Court seeking a stay on the resolution plan submitted by Adani Group for the assets of bankrupt Jaypee Group. On which now the Supreme Court has refused to pass an interim order.
Jaiprakash Associates has a debt of Rs 57185 crore
Jaiprakash Associates Limited (JAL) is one of the largest bankruptcies in India. The company has a total debt of more than Rs 57,000 crore. For this reason, the company went into bankruptcy process in June 2024. The company owns a variety of large properties. These include real estate projects like Jaypee Greens in Noida and Greater Noida, Jaypee International Sports City near the upcoming Jewar Airport, besides hotels and several infrastructure businesses.
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