Vedanta moves Supreme Court challenging Adani’s takeover of Jaypee group’s assets

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Mining group Vedanta has approached the Supreme Court seeking a stay on the proposed takeover of the now insolvent Jaypee group’s assets by billionaire Gautam Adani’s Adani group, Moneycontrol reported on Monday.

The case is expected to come up for hearing in the next couple of weeks, unidentified persons told the news outlet.

The plea was filed days after the National Company Law Appellate Tribunal declined to grant an interim stay on the National Company Law Tribunal’s approval of Adani Enterprises’ resolution plan, the Economic Times reported.

The Committee of Creditors had approved the Adani bid, which was subsequently cleared by the National Company Law Tribunal.

Vedanta, led by Anil Agarwal, has argued that its offer for Jaiprakash Associates Limited was higher. It has also questioned the fairness and transparency of the bidding process.

On Sunday, in a social media post Agrawal said that his company was declared the highest bidder during the insolvency proceedings and was informed in writing that it had won, before the outcome was later changed.

He added that Vedanta had “no attachment” to the asset and would place the facts through due process.