A bench led by Chief Justice of India Surya Kant said that since the appeal is likely to be decided by the National Company Law Appellate Tribunal (NCLAT) soon, and Vedanta’s interests have been adequately protected through interim measures, there is no need to grant any interim relief.“The appeal is likely to be addressed soon, and we do not see any legal need to issue any interim directions,” the court said while requesting the NCLAT. The court requested NCLAT to hear the case on the scheduled date on out-of-turn basis or immediately thereafter, if the arguments remain incomplete.NCLAT is scheduled to hear Vedanta’s petition on Friday, April 10.Vedanta, in its petition, has challenged the decision of the Committee of Creditors (CoC) to accept the resolution plan of Adani Group. It argued that its revised addendum bid offers a higher aggregate value by more than Rs 3,400 crore than Adani’s offer.Senior advocate Kapil Sibal appeared for Vedanta, while senior advocate Mukul Rohatgi represented the Adani Group. Tushar Mehta appeared in the apex court on behalf of the Consortium of Creditors (CoC).During the hearing, Vedanta submitted that it has proposed to pay Rs 17,926 crore to creditors as against Rs 14,535 crore under Adani’s plan. It was argued that the CoC was effectively accepting a resolution plan that was undervalued by about Rs 3,000 crore. However, the CoC countered that the practical difference between the two bids would be only Rs 500 crore.The Court recorded submissions that the matter is listed before the NCLAT this week, and implementation of the resolution plan will take about 50 days, with the possibility of changes in the interim period of a few days being less.Noting that the NCLAT interim order has already addressed Vedanta’s concerns, the Supreme Court said it will not stop the process at this stage. It added that any policy decision taken by the resolution professional or monitoring committee during this period should be in accordance with law and subject to the approval of NCLAT.The top court further said that the resolution process is subject to the approval of the decision-making authority, and emphasized that if any action is taken outside the legal framework, appropriate recourse will be available.Both sides agreed to an expedited hearing before the NCLAT before the apex court.Supreme Court refuses to grant interim relief to Vedanta in Jaiprakash Associates resolution plan case & more related News Here
A bench led by Chief Justice of India Surya Kant said that since the appeal is likely to be decided by the National Company Law Appellate Tribunal (NCLAT) soon, and Vedanta’s interests have been adequately protected through interim measures, there is no need to grant any interim relief.“The appeal is likely to be addressed soon, and we do not see any legal need to issue any interim directions,” the court said while requesting the NCLAT. The court requested NCLAT to hear the case on the scheduled date on out-of-turn basis or immediately thereafter, if the arguments remain incomplete.NCLAT is scheduled to hear Vedanta’s petition on Friday, April 10.Vedanta, in its petition, has challenged the decision of the Committee of Creditors (CoC) to accept the resolution plan of Adani Group. It argued that its revised addendum bid offers a higher aggregate value by more than Rs 3,400 crore than Adani’s offer.Senior advocate Kapil Sibal appeared for Vedanta, while senior advocate Mukul Rohatgi represented the Adani Group. Tushar Mehta appeared in the apex court on behalf of the Consortium of Creditors (CoC).During the hearing, Vedanta submitted that it has proposed to pay Rs 17,926 crore to creditors as against Rs 14,535 crore under Adani’s plan. It was argued that the CoC was effectively accepting a resolution plan that was undervalued by about Rs 3,000 crore. However, the CoC countered that the practical difference between the two bids would be only Rs 500 crore.The Court recorded submissions that the matter is listed before the NCLAT this week, and implementation of the resolution plan will take about 50 days, with the possibility of changes in the interim period of a few days being less.Noting that the NCLAT interim order has already addressed Vedanta’s concerns, the Supreme Court said it will not stop the process at this stage. It added that any policy decision taken by the resolution professional or monitoring committee during this period should be in accordance with law and subject to the approval of NCLAT.The top court further said that the resolution process is subject to the approval of the decision-making authority, and emphasized that if any action is taken outside the legal framework, appropriate recourse will be available.Both sides agreed to an expedited hearing before the NCLAT before the apex court.
