Supreme Court Denies Stay on Adani JAL Plan

The Supreme Court of India on April 6, 2026, declined to halt the implementation of Adani Enterprises' Rs 14,535 crore resolution plan to acquire the insolvent Jaiprakash Associates Limited (JAL), but imposed a restriction preventing the company's monitoring committee from making major policy decisions without prior approval from the National Company Law Appellate Tribunal (NCLAT).

A bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi heard arguments from Vedanta Ltd, which is challenging the approval of Adani's bid, and directed the NCLAT to expedite its hearing on the matter starting April 10. The court noted that Vedanta's interests were already protected by the NCLAT's earlier order and emphasized the limited scope of judicial intervention in commercial decisions made by creditors. "Since the appeal is likely to be decided very soon and the interest of the appellant has been adequately protected in the impugned order, there seems to be no necessity to issue any other direction," the bench stated.

The dispute stems from JAL's entry into the Corporate Insolvency Resolution Process (CIRP) in June 2024, following defaults on loans totaling Rs 57,185 crore. The...