Adani Enterprises wins Supreme Court backing for JAL takeover. The top court refused to halt implementation of Adani's ₹14,543 crore resolution plan for bankrupt Jaiprakash Associates, rejecting Vedanta's challenge. The bench directed the resolution committee to seek NCLAT approval before major steps and asked the appellate tribunal to hear arguments expeditiously on April 10. Vedanta, the losing bidder, had alleged the process lacked fairness and transparency, claiming its higher offer of ₹12,505.85 crore was ignored. The core dispute centers on value assessment under the Insolvency and Bankruptcy Code, with Vedanta arguing lenders violated fair process principles. Creditors maintain resolution plans are evaluated on multiple factors beyond headline value, including cash recovery, feasibility, and execution capability, not just net present value comparisons.
