SYNOPSIS: Vedanta has approached the Supreme Court seeking a stay on Adani’s Jaiprakash Associates resolution plan, claiming its higher bid was overlooked, as the legal battle over the high-profile insolvency case intensifies.
During Monday’s trading session, shares of the world’s leading producer of metals, oil & gas, critical minerals, power and technology, surged more than 4 percent on the stock exchanges, after the company approached the Supreme Court seeking a stay on Adani Group’s resolution plan for Jaiprakash Associates Limited.
With a market cap of Rs. 2.58 lakh crores, shares of Vedanta Limited are currently trading in the green at Rs. 660.3 on BSE, up by around 2 percent, compared to its previous closing price of Rs. 649.55. The stock has delivered positive returns of over 44 percent in one year, but has fallen by around 9 percent in the last one month.
What’s the News:
In a fresh escalation of one of India’s most closely watched insolvency cases, Vedanta Limited has approached the Supreme Court of India seeking a stay on the implementation of the resolution plan submitted by the Adani Group for Jaiprakash Associates Limited, as per multiple reports.
This move comes after the National Company Law Appellate Tribunal (NCLAT), in its order dated 24th March, declined to pause the implementation of Adani’s resolution plan. While the tribunal allowed the process to move ahead, it made it subject to the final outcome of ongoing legal proceedings.
Vedanta has now urged the apex court to intervene immediately, arguing that if the plan continues to be executed, its legal challenge could become meaningless. The company maintains that its own bid for Jaiprakash Associates was financially stronger and should have been given due consideration during the insolvency process.
Inside the Dispute: Competing Bids and Legal Stakes
At the heart of the dispute lies the resolution of Jaiprakash Associates Limited, which is currently undergoing insolvency proceedings under India’s bankruptcy framework. The case has attracted significant attention due to the scale of debt involved and the presence of multiple large corporate bidders.
Jaiprakash Associates was admitted into insolvency in June 2024 after defaulting on loans exceeding Rs. 57,000 crore. During the resolution process, both Vedanta and Adani Group emerged as key contenders. Vedanta had submitted a bid of Rs. 16,726 crore, higher than Adani Enterprises Limited’s winning offer of Rs. 14,535 crore.
The National Company Law Tribunal (NCLT), Allahabad bench, approved Adani’s resolution plan on 17th March after it received around 89 percent approval from the Committee of Creditors (CoC), with Adani emerging as the preferred bidder ahead of Vedanta and Dalmia Bharat Limited.
However, Vedanta has argued that its proposal was superior by at least Rs. 1,000 crore on a net present value basis. The company has questioned the lenders’ decision, stating that accepting a lower bid may go against the core objective of the Insolvency and Bankruptcy Code, which is to maximise value for stakeholders.
Financial Performance & More
For Q3 FY26, the company posted a consolidated revenue from operations of Rs. 23,369 crores, reflecting a sequential growth of around 25 percent QoQ compared to Rs. 18,747 crores in Q2 FY26. Likewise, on a year-on-year basis, revenue increased by nearly 37 percent from Rs. 17,063 crores recorded in Q3 FY25.
Net profit for Q3 FY26 stood at Rs. 7,807 crore, indicating an impressive increase of over 124 percent QoQ from Rs. 3,479 crores in Q2 FY26, as well as a year-on-year rise by around 60 percent from Rs. 4,876 crores reported in Q3 FY25.
Vedanta Limited is a diversified natural resource Group engaged in the business of exploring, extracting and processing minerals, oil and gas. The company engages in the exploration, production and sale of zinc, lead, silver, copper, aluminium, iron ore, oil & gas and has a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and the UAE.
It is also in the business of commercial power generation, steel manufacturing and port operations in India and the manufacturing of glass substrate in South Korea and Taiwan.
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