Adani files caveat in SC amid likely Vedanta appeal in JAL insolvency case
May 06, 2026
Adani Enterprises has moved the Supreme Court with a caveat after NCLAT upheld its resolution plan for Jaiprakash Associates and dismissed Vedanta's objections
Adani Enterprises has moved the Supreme Court with a caveat after NCLAT upheld its resolution plan for Jaiprakash Associates and dismissed Vedanta's objections
By filing the caveat, Adani Enterprises has sought an opportunity to present its arguments if Vedanta challenges the NCLAT verdict before the apex court (Image: Bloomberg)
Bhavini Mishra
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Days after securing a favourable ruling from the National Company Law Appellate Tribunal (NCLAT) in the insolvency proceedings of Jaiprakash Associates Ltd (JAL), Adani Enterprises Ltd approached the Supreme Court by lodging a caveat to ensure that no order is passed on any potential appeal by Vedanta Ltd without hearing it.
The move comes after the appellate tribunal rejected Vedanta’s challenge to the approval of Adani’s resolution plan for the debt-ridden JAL.
A caveat is a legal mechanism through which a party seeks advance notice before any interim or final order is passed in a matter affecting its interests.
By filing the caveat, Adani Enterprises has sought an opportunity to present its arguments if Vedanta challenges the NCLAT verdict before the apex court.
The dispute relates to the insolvency process of Jaiprakash Associates, which has substantial exposure across infrastructure, real estate, cement and hospitality businesses.
On Monday, the NCLAT upheld the decision approving Adani Enterprises’ bid for JAL, dismissing objections raised by Vedanta. The appellate tribunal found no grounds to interfere with the resolution process or the approval granted to Adani’s plan.
Vedanta had contested the outcome of the bidding process and raised concerns regarding the manner in which the successful resolution applicant was selected.
However, the appellate tribunal declined to overturn the approved plan.
The development marks another significant step in the long-running insolvency battle involving JAL.
JAL entered the insolvency process following an order dated June 3, 2024, by the Allahabad Bench of the National Company Law Tribunal on a plea moved by ICICI Bank.
Earlier, in March 2025, the appellate tribunal had declined to stay the implementation of Adani’s resolution plan.
Vedanta subsequently moved the Supreme Court, which also refused to grant a stay. The apex court, however, clarified that any major policy decision by the monitoring committee or implementing authorities would require prior approval of the NCLAT, and directed the tribunal to decide the matter expeditiously. The NCLAT then delivered its final ruling, dismissing Vedanta’s appeal.
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First Published: May 06 2026 | 7:47 PM IST
By filing the caveat, Adani Enterprises has sought an opportunity to present its arguments if Vedanta challenges the NCLAT verdict before the apex court (Image: Bloomberg)
Bhavini Mishra
Listen to This Article
Days after securing a favourable ruling from the National Company Law Appellate Tribunal (NCLAT) in the insolvency proceedings of Jaiprakash Associates Ltd (JAL), Adani Enterprises Ltd approached the Supreme Court by lodging a caveat to ensure that no order is passed on any potential appeal by Vedanta Ltd without hearing it.
The move comes after the appellate tribunal rejected Vedanta’s challenge to the approval of Adani’s resolution plan for the debt-ridden JAL.
A caveat is a legal mechanism through which a party seeks advance notice before any interim or final order is passed in a matter affecting its interests.
By filing the caveat, Adani Enterprises has sought an opportunity to present its arguments if Vedanta challenges the NCLAT verdict before the apex court.
The dispute relates to the insolvency process of Jaiprakash Associates, which has substantial exposure across infrastructure, real estate, cement and hospitality businesses.
On Monday, the NCLAT upheld the decision approving Adani Enterprises’ bid for JAL, dismissing objections raised by Vedanta. The appellate tribunal found no grounds to interfere with the resolution process or the approval granted to Adani’s plan.
Vedanta had contested the outcome of the bidding process and raised concerns regarding the manner in which the successful resolution applicant was selected.
However, the appellate tribunal declined to overturn the approved plan.
The development marks another significant step in the long-running insolvency battle involving JAL.
JAL entered the insolvency process following an order dated June 3, 2024, by the Allahabad Bench of the National Company Law Tribunal on a plea moved by ICICI Bank.
Earlier, in March 2025, the appellate tribunal had declined to stay the implementation of Adani’s resolution plan.
Vedanta subsequently moved the Supreme Court, which also refused to grant a stay. The apex court, however, clarified that any major policy decision by the monitoring committee or implementing authorities would require prior approval of the NCLAT, and directed the tribunal to decide the matter expeditiously. The NCLAT then delivered its final ruling, dismissing Vedanta’s appeal.
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: May 06 2026 | 7:47 PM IST