After getting relief from the NCLAT, Adani Group has filed a caveat in the Supreme Court in anticipation of a Vedanta challenge. The NCLAT upheld Adani’s resolution plan for debt-laden Jaiprakash Associates Ltd in the Jaypee insolvency case. The move signals Adani’s effort to prevent any surprise stay and keep the insolvency resolution on track.
The NCLAT has reserved its judgment in the Jaypee insolvency case after arguments from both sides. Vedanta alleged the resolution process was not transparent and the evaluation was unfair. The Resolution Professional countered that the process followed approved frameworks. Adani, declared winners, said competitive bidding enhanced value—while the tribunal waits to decide.
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