Supreme Court Upholds NCLAT Ruling: Adani Group's Bid for JAL Stands Firm

The Supreme Court declined to interfere with the NCLAT's decision allowing Adani Group's Rs 14,535 crore bid to acquire JAL. The court instructed Vedanta Ltd and Adani Enterprises Ltd to submit any disputes to the NCLAT. A final hearing on the acquisition case will occur on April 10.

The Supreme Court, on Monday, chose not to interfere with the NCLAT's order, which had refused to halt the Adani Group's Rs 14,535 crore bid to acquire Jaiprakash Associates Ltd (JAL). This decision is part of the ongoing legal battle involving significant corporate stakeholders.

The court did, however, restrict JAL's monitoring committee from implementing any major policy changes without NCLAT's authorization. Chief Justice Surya Kant and Justice Joymalya Bagchi emphasized the urgency of a swift decision, with the NCLAT slated to conduct a final hearing on April 10.

Vedanta Ltd had earlier approached the Supreme Court to contest the approval of Adani's bid, arguing for an interim stay. Nonetheless, NCLAT sought a response from JAL's Committee of Creditors and maintained its order, pending further proceedings.

(With inputs from agencies.)