# Vedanta -Group #approach# Supreme -Court #against #Adani-Group#uproar #Adani’s deal.
Due to Prime Minister Narendra Modi’s influence on Gautam Adani, the Adani Group has been successful in securing major contracts in India and abroad. Rahul Gandhi not only speaks on the streets about the relationship between Adani Group Chairman Gautam Adani and PM Modi, but has even demanded a discussion on the matter in Parliament. Despite this, Gautam Adani’s company, the Adani Group, continues to dominate. But now, Vedanta Group Chairman Anil Agarwal has dragged him to the Supreme Court over a similar matter.
This case relates to a bid for the purchase of Jaiprakash Associates Group. It is said that despite winning the bid, the Adani Group has created a loophole in the matter to take over the company, thereby denying Vedanta Group the winning bid.
Jaiprakash Associates was admitted to bankruptcy proceedings in June 2024 due to outstanding debt of approximately ₹57,185 crore. Several major companies were in the running to acquire Jaiprakash Associates. Vedanta’s chairman recently tweeted that he had received written confirmation in September that Vedanta had won the bid for Jaypee Group’s assets. However, this decision was later reversed.
Vedanta has now filed a petition in the Supreme Court seeking a stay on the resolution plan submitted by the Adani Group for the Jaypee Group’s assets.
Vedanta has filed a petition in the Supreme Court seeking a stay on the resolution plan submitted by the Adani Group for the bankrupt Jaypee Group’s assets. Just a week ago, on March 17, the National Company Law Tribunal (NCLT) approved Adani Enterprises’ bid of ₹14,535 crore.
Jayprakash Associates Limited (JAL), the flagship company of the Jaypee Group, was heavily indebted. A resolution process was initiated under the Insolvency and Bankruptcy Code, with various bidders. Among the prominent buyers were Anil Agarwal’s Vedanta Group, Gautam Adani’s Adani Group, and the Dalmia Group.
A day earlier, Vedanta Group Chairman Anil Agarwal shared in a post that the Vedanta Group had received written confirmation of winning the bid for the Jaypee Group property, but this was later reversed.
He wrote on Instagram that the property was recently auctioned through the CoC process under the IBC. Several strong contenders submitted bids. Suddenly, the sentiments and wishes of Jayprakash Gaur ji came flooding back to me. One by one, all the bidders withdrew their names. Finally, we were declared the highest bidder.
It was a completely transparent process, and we were informed that we had won. But life isn’t always so straightforward. A few days later, the decision was reversed. I don’t want to go into the intricacies of the process, but I’ll tell you one thing.
We have no attachment or attachment to this property. If we get it, it will be God’s grace, and if it slips out of my hands, it will still be His will. But we firmly believe that when a promise is made in the path of righteousness, it should never be taken back.
Jaiprakash Associates Limited is one of India’s largest bankruptcy cases. The company has a massive debt of ₹57,150 crore. This is why the company went into bankruptcy proceedings in 2024.
This company owns a variety of major assets. These include real estate projects like Jaypee Greens in Noida and Greater Noida, Jaypee International Sports City near the upcoming Jewar International Airport, hotels, and various infrastructure projects.