Vedanta Moves Supreme Court Against Adani’s ₹14,535 Crore Jaypee Deal—Anil Agarwal Alleges Vedanta was Declared ‘Highest Bidder’ Before the Decision was Overturned

On 29 March 2026, Vedanta Group approached the Supreme Court seeking a stay on the Adani Group’s takeover of debt-ridden Jaiprakash Associates Ltd. (JAL). The development closely follows a social media post by Vedanta CEO Anil Agarwal claiming that Vedanta had been confirmed as the highest bidder for JAL shortly before the decision was overturned.

Earlier, on 25 March 2026, the National Company Law Appellate Tribunal (NCLAT) had declined to stay the resolution plan approved for Adani Group, prompting Vedanta to seek relief from the apex court. The case is expected to be heard in the coming weeks.

Vedanta has argued that its proposal offered better value for creditors and that the Committee of Creditors (CoC) erred in selecting Adani’s bid. The dispute follows a series of legal challenges by Vedanta after Adani Enterprises secured approval to acquire Jaiprakash Associates through the insolvency process.

Vedanta-Adani Dispute Over Competing Bids for JAL

Jaiprakash Associates entered insolvency proceedings in June 2024 after defaulting on loans worth more than ₹57,000 crore. The bidding process began with five major contenders: Adani Enterprises, Vedanta, Dalmia Cement, Jindal Power, and PNC Infratech.

Vedanta and Adani Group emerged as the two main contenders after the other bidders dropped out of the race. Vedanta initially offered around ₹17,000 crore, including an upfront payment of approximately ₹4,000 crore with the remainder payable over six years. Adani Enterprises submitted a ₹14,535 crore bid, offering around ₹6,000 crore upfront and committing to complete payments within two to three years.

Creditors ultimately approved Adani’s proposal, citing higher upfront payment and faster recovery timelines. According to lenders, these factors were considered more favourable than Vedanta’s higher overall bid spread over a longer period.

Vedanta later revised its proposal to ₹16,726 crore, including ₹6,563 crore upfront and the rest payable over five years. However, lenders rejected the revised bid, noting that it was submitted after the bidding window had closed and accepting it would require restarting the entire process.

The CoC voted in favour of Adani’s plan, with the proposal receiving 89% support. The National Asset Reconstruction Company Ltd., which held around 86% of voting rights after acquiring stressed loans, played a decisive role in the decision. Adani’s resolution plan was approved in November 2025.

On 17 March 2026, the National Company Law Tribunal (NCLT), Allahabad bench, approved Adani Enterprises’ resolution plan. Vedanta subsequently challenged the decision before the NCLAT, arguing that its higher bid offered superior net present value and should have been considered.

Vedanta has maintained that the Insolvency and Bankruptcy Code aims to maximise recovery from distressed assets and that creditors should prioritise the highest value bid. The company also alleged that lenders failed in their fiduciary duty to maximise recovery.

Lenders, however, defended the decision, stating that resolution plans are evaluated on multiple factors, including upfront cash, feasibility, execution capability, and payment timelines, rather than solely on the headline value.

See Also: Adani Power Awarded 1020 Acres of Land at ₹1 per Year in Bihar – Locals Protest, Allege Irregularity in Compensation

Agarwal Claims Vedanta’s JAL Bid Was Initially Confirmed

On 25 March 2026, Vedanta CEO Anil Agarwal publicly stated that the company was initially declared the highest bidder during the insolvency proceedings before the decision was later reversed.

“It was a transparent process. We were informed in writing that we had won,” he said in a post on X. “But life is never so simple. After some days, the decision was changed. Don’t want to go into the details.”

Agarwal also referred to earlier conversations with Jaypee Group founder Jaiprakash Gaur, who had expressed a desire for the company’s assets to be passed on responsibly. He stated that Vedanta would pursue the matter through legal channels and place facts before the appropriate forum.

Strategic Significance of the JAL Deal

Jaiprakash Associates owns a diverse portfolio spanning real estate, cement, power, infrastructure, hospitality, and major land assets in the National Capital Region (NCR). The acquisition is seen as strategically important for both conglomerates.

Among its key assets are Jaypee Greens developments in Noida and Greater Noida, the Jaypee International Sports City near the upcoming Jewar International Airport, cement plants in Uttar Pradesh and Madhya Pradesh, and investments in subsidiaries including Jaiprakash Power Ventures and Yamuna Expressway Tolling. The portfolio also includes the Buddh International Circuit near Delhi, India’s only Formula One track.

A successful bid would expand Adani Group’s real estate footprint and strengthen its infrastructure portfolio. For Vedanta, the acquisition represented an opportunity to diversify beyond metals, mining, and energy into infrastructure and real estate.

The Supreme Court’s decision will now determine the next phase of the high-stakes corporate battle over one of India’s largest insolvency resolutions.

[DS]

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