Vedanta has approached the Supreme Court seeking a stay on the Adani Group’s proposed acquisition of Jaypee Group assets, according to a Moneycontrol report.
The report stated that Vedanta has challenged the ongoing process related to the resolution of Jaypee Group companies, raising concerns over the manner in which the transaction is being executed. The company has reportedly urged the apex court to intervene and halt further progress on Adani Group’s plan until its objections are addressed.
The dispute is linked to the insolvency proceedings involving Jaypee Group entities, where multiple bidders have shown interest in acquiring assets. Adani Group had emerged as a key contender in the process, proposing a resolution plan for certain assets of the debt-laden group.
According to the Moneycontrol report, Vedanta has argued that there are issues surrounding the process and has sought legal clarity before the deal moves ahead. The plea aims to pause the current proceedings and ensure that all stakeholders are treated fairly within the insolvency framework.
The development introduces a fresh layer of uncertainty in the resolution process of Jaypee assets, which has already seen prolonged delays and multiple rounds of bidding.
Further updates are awaited as the Supreme Court is expected to take up the matter and decide on Vedanta’s plea in the coming days.