The court directed the National Company Law Appellate Tribunal (NCLAT) to hear Vedanta’s appeal on April 10, noting that the tribunal is already seized of the matter.
However, in a key caveat, the bench said any “major decision” by the monitoring committee or those implementing the resolution plan will require prior approval from the NCLAT.
Vedanta, which has challenged the plan, argued that its bid of ₹17,926 crore was higher than Adani’s ₹14,525 crore, both in absolute and net present value terms. Senior counsel for Vedanta contended that implementation could lead to irreversible steps, including fund disbursals and structural changes.
The Committee of Creditors (CoC), represented by the Solicitor General, maintained that the process followed the prescribed framework and that Adani’s plan ranked higher on evaluation parameters. The CoC had approved the plan with a 93.81% vote share.
Also Read: Vedanta moves Supreme Court seeking stay on Adani’s Jaypee resolution plan
The insolvency process for Jaiprakash Associates, admitted in June 2024 with claims exceeding ₹57,000 crore, saw multiple bidders, with Adani and Vedanta emerging as key contenders.
Shares of Vedanta were trading at ₹689.55, up 0.28%, while Adani Enterprises gained 3.12% during the session.
