NEW DELHI: In a setback to Vedanta Group, the Supreme Court on Monday declined to stay the implementation of Adani Enterprises' resolution plan for debt-ridden Jaiprakash Associates Ltd.
A bench, led by Chief Justice (CJI) Surya Kant, noted that the insolvency proceedings are already listed for final hearing before the National Company Law Appellate Tribunal (NCLAT) on April 10, and therefore found no reason to intervene at this stage.
"In view of the fact that company appeals are now listed for final hearing before NCLAT on April 10, we see no reason to interfere, " the bench, also comprising Justice Joymalya Bagchi, observed, while directing the appellate tribunal to take up the matter on an out-of-turn basis and continue hearings, if necessary, on the next working day.
The apex court further directed that any major policy decision by the monitoring committee in the interim will be taken only after seeking leave of the NCLAT, given the nature and implications of the case.
Vedanta had approached the top court seeking a stay on Adani Enterprises’ Rs 14, 500-crore resolution plan, contending that the insolvency process lacked transparency and failed to maximise value for creditors.
The company argued that it had submitted a higher offer of Rs 16, 726 crore and was initially declared the highest bidder before the outcome was allegedly reversed without adequate explanation.