Supreme Court does not interfere with order allowing Adani to acquire JAL, asks NCLAT to decide promptly

The Supreme Court on Monday (April 6, 2026) declined to stay the implementation of the Adani group's ₹14,535-crore bid to acquire the debt-ridden Jaiprakash Associates Limited (JAL), but provided a safeguard by restraining the firm's monitoring committee from taking any "major policy decisions" without prior nod of the National Company Law Appellate Tribunal.

A Bench of Chief Justice Surya Kant and Justice Joymalya Bagchi asked mining giant Vedanta Ltd, which is opposing the resolution plan, and Adani Enterprises Ltd to raise contentions and counterclaims before the National Company Law Appellate Tribunal (NCLAT), which will start final hearing on the row on April 10.

The top court asked the NCLAT to decide the plea and the counter petition expeditiously by hearing them on an "out of turn basis" on the dispute over the acquisition of JAL by the Adani group.

"In view of the fact that the company appeals are now listed for final hearing at the NCLAT on April 10, 2026, we see no reason to interfere with the impugned order.

However, having regard to the nature of the issue, we request the NCLAT to hear the appeal on an out-of-turn basis on the date fixed or immediately on the next working day if arguments do not conclude.

Both sides have assured us full cooperation on the date fixed," it ordered.

"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.

If the monitoring committee decides to take any major policy decision, they will take leave of the NCLAT," the Bench said.