SC refuses to interfere with NCLAT order allowing Adani to acquire Jaypee group’s assets
· Scroll
The Supreme Court on Monday refused to interfere with a National Company Law Appellate Tribunal order declining to stay the proposed takeover of the now-insolvent Jaypee group’s assets by Gautam Adani’s Adani Enterprises, PTI reported.
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A bench of Chief Justice Surya Kant and Justice Joymalya Bagchi was hearing a petition moved by the mining group Vedanta Limited on March 25 seeking a stay on the proposed bid. The bench asked the NCLAT to decide on the matter expeditiously.
The petition was filed a day after the NCLAT declined to grant an interim stay on the National Company Law Tribunal’s approval of Adani Enterprises’ resolution plan.
The National Company Law Tribunal is the first-level quasi-judicial body established under the 2013 Companies Act to adjudicate corporate disputes and insolvency cases, while the National Company Law Appellate Tribunal is the higher authority that reviews appeals against these orders.
The legal dispute revolves around the approval granted to the Adani bid by the Committee of Creditors, which is a decision-making body in the Corporate Insolvency Resolution Process formed under the 2016 Insolvency and Bankruptcy Code.
The bid was subsequently cleared by the National Company Law Tribunal.
Vedanta, led by industrialist Anil Agarwal, has argued that its offer for Jaiprakash Associates Limited was higher. It has also questioned the fairness and transparency of the...