Adani Files Supreme Court Caveat as Vedanta Weighs Appeal in Jaiprakash Associates Insolvency Battle

Adani Enterprises Ltd has filed a caveat in the Supreme Court following the National Company Law Appellate Tribunal’s (NCLAT) ruling in favour of its resolution plan for Jaiprakash Associates Ltd (JAL), as per a Business Standard report. 

The caveat was filed after the appellate tribunal dismissed objections raised by Vedanta Ltd against the approval of Adani’s bid for the debt-ridden company.  

Through the filing, Adani has sought prior notice in case Vedanta approaches the apex court against the NCLAT order. 

NCLAT Upholds Resolution Plan 

On Monday, the NCLAT upheld the approval of Adani Enterprises’ resolution plan for JAL and refused to interfere with the insolvency process. The tribunal rejected Vedanta’s appeal, which had challenged the selection process of the successful bidder. 

Vedanta had raised concerns regarding the conduct of the bidding exercise and the approval granted to Adani’s proposal.  

However, the appellate tribunal found no grounds to set aside the plan already approved under the insolvency proceedings. A caveat is a legal provision that allows a party to request that no interim or final order be passed in a matter without first hearing its side. 

Insolvency Proceedings Since 2024 

JAL entered the corporate insolvency resolution process after the Allahabad Bench of the National Company Law Tribunal admitted the company on June 3, 2024. The proceedings were initiated following a petition filed by ICICI Bank. 

The company has business exposure across infrastructure, real estate, cement, and hospitality segments. The insolvency matter has remained under litigation for several months due to competing claims and challenges related to the resolution process. 

Earlier, in March 2025, the NCLAT had refused to stay the implementation of Adani Enterprises’ resolution plan. Vedanta later approached the Supreme Court seeking relief against the process. 

Supreme Court Earlier Declined Stay 

The Supreme Court had earlier declined to halt the implementation of the plan. It had, however, directed that any major policy decision by the monitoring committee or implementing authorities would require prior approval from the NCLAT. 

The apex court had also instructed the appellate tribunal to dispose of the matter expeditiously, following which the NCLAT delivered its final ruling dismissing Vedanta’s appeal. 

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Conclusion  

The insolvency case involving Jaiprakash Associates Ltd continues to remain under legal scrutiny, with Adani Enterprises and Vedanta likely to pursue further proceedings before the Supreme Court. 

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