SC Refuses To Stay NCLAT's Order On Adani Group's Rs 14k Crore JAL Bid

The Supreme Court of India has refused to interfere with NCLAT's order refusing to stay Adani Group's Rs 14,535 crore bid to acquire Jaiprakash Associates Ltd (JAL). 

The apex court refuses to pass an interim order on Vedanta's plea, asks parties including Adani Enterprises Ltd to raise contentions before NCLAT, citing a PTI report. 

In the order dated March 24, NCLAT had refused to halt the insolvency process despite Vedanta's challenge to the approval granted by the National Company Law Tribunal (NCLT). 

Further, it seeked a response from JAL's Committee of Creditors within a week and listed the matter for further hearing on April 10.

Vedanta was among the bidders for JAL under the insolvency process, but lenders approved Adani Enterprises' resolution plan in November last year, which was later cleared by the NCLT.

On the other hand, Vedanta filed two separate appeals before the NCLAT to challenge the validity of the resolution plan and contest its approval by both the Committee of Creditors and the NCLT.