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Vedanta moves Supreme Court seeking stay on Adani’s Jaypee resolution planVedanta has moved the Supreme Court seeking a stay on Adani Group’s resolution plan for Jaiprakash Associates, challenging NCLAT’s refusal to halt its implementation. The company argues its own bid offered higher value, raising questions over whether lenders prioritised maximum recovery under the insolvency process.By Ashmit Kumar  March 30, 2026, 11:30:35 AM IST (Updated)2 Min ReadMining major Vedanta Ltd has approached the Supreme Court of India seeking a stay on the implementation of Adani Group’s resolution plan for Jaiprakash Associates Ltd, escalating the legal battle over one of India’s high-profile insolvency cases.

Vedanta has challenged a March 24 order of the National Company Law Appellate Tribunal (NCLAT), which declined to halt the implementation of Adani’s resolution plan.

The appellate tribunal had, however, allowed the plan to proceed subject to its final outcome in the matter.

In its plea before the apex court, Vedanta has sought an immediate stay, arguing that allowing the plan to move forward would render its challenge infructuous.

The company has contended that its own proposal for Jaypee, submitted earlier, offered higher value than Adani Group’s winning bid. It has maintained that its plan was superior in financial terms and should have been considered more favourably during the insolvency process.

The dispute centres on the resolution of Jaiprakash Associates, which is undergoing insolvency proceedings under India’s bankruptcy framework.

The case has drawn significant attention due to the size of the assets and competing bids from major corporate groups.

The National Company Law Tribunal (NCLT) Allahabad bench had on March 17 approved Adani Enterprises’ ₹14,535 crore resolution plan for Jaiprakash Associates. The plan had earlier secured around 89% approval from the Committee of Creditors in November, with Adani emerging the highest bidder ahead of Vedanta and Dalmia Bharat.

However, Vedanta has contended that its own proposal was at least ₹1,000 crore higher on a net present value basis, arguing that the lenders’ decision to back a lower bid runs contrary to the Insolvency and Bankruptcy Code’s objective of maximising asset value.

The Supreme Court is expected to hear Vedanta’s plea in the coming days. The outcome could have a bearing on the final resolution of Jaypee’s assets and set a precedent for challenges to approved resolution plans under the Insolvency and Bankruptcy Code.

When we take a look at the company shares, one of the largest miners in India is trading with gains of close to 2% in today's session. The company's shares have seen an uptick of 9.24% in the past three months of trade. The stock price now stands at ₹661.50 a piece.Continue ReadingFirst Published: Mar 30, 2026 11:22 AM ISTTagsAdaniAdani EnterprisesJaypee AssociatesJaypee Group