Anil Agarwal has challenged the Supreme Court’s approval of Adani Enterprises’ resolution plan for Jaiprakash Associates, igniting a high-stakes dispute over assets valued at nearly $4 billion.
NEW DELHI—Vedanta Chairman Anil Agarwal has taken his fight to the Supreme Court, contesting the approval of Adani Enterprises’ resolution plan for Jaiprakash Associates. This legal move follows the National Company Law Appellate Tribunal’s refusal to stay the implementation of the plan.
The plea was filed on March 25, shortly after the appellate tribunal declined to halt the ₹14,543 crore (approximately $1.76 billion) resolution plan. The ongoing dispute centers around assets valued at nearly $4 billion, which include power and cement units, residential projects, and the Buddh International Circuit located near New Delhi.
The Buddh International Circuit, notable for hosting the annual Formula One Indian Grand Prix, has not seen a race since 2013. Plans to revive the event have been linked to the Adani Group’s potential control of the circuit, heightening the stakes of this corporate clash.
Jaiprakash Associates entered insolvency proceedings in June 2024 after defaulting on loans exceeding ₹57,000 crore (around $6.9 billion). The resolution process attracted competing bids from both Vedanta and the Adani Group. Vedanta’s bid amounted to ₹16,726 crore, significantly higher than Adani Enterprises’ ₹14,535 crore offer.
Despite Vedanta’s higher bid, the Committee of Creditors ultimately approved Adani’s proposal, which was subsequently sanctioned by the National Company Law Tribunal. Sources familiar with the matter informed Reuters that Adani’s plan includes an upfront payment of approximately ₹6,000 crore and a more accelerated two-year repayment schedule, in contrast to Vedanta’s longer payout timeline.
Agarwal has publicly contested the outcome of the bidding process, asserting on social media platform X that the process was “transparent” and that Vedanta had been “declared the highest bidder publicly.” He claimed that he received written confirmation of Vedanta’s victory, only to see the decision reversed later. “We will place the facts in the right way,” he stated.
This legal battle not only underscores the fierce competition between two of India’s most prominent industrialists but also raises questions about the future of significant assets tied to the Jaiprakash Associates bankruptcy. As the case unfolds, the implications for both companies and the broader market will be closely monitored.
According to Reuters, the outcome of this dispute could have lasting effects on the corporate landscape in India, particularly in sectors tied to infrastructure and entertainment.