Anil Agarwal vs. Adani: Tycoons Clash Over Bankruptcy Deal, F1 Track

India-West News Desk

NEW DELHI- Vedanta Chairman Anil Agarwal has moved the Supreme Court challenging the approval of Adani Enterprises’ resolution plan for Jaiprakash Associates and following the National Company Law Appellate Tribunal’s refusal to stay its implementation.

The plea, filed on March 25, came after the appellate tribunal declined to halt the ₹14,543 crore plan. The dispute involves assets valued at nearly $4 billion, including power and cement units, residential projects, and the Buddh International Circuit near New Delhi.

The case has drawn attention to the future of the Buddh International Circuit, which has not hosted a Formula One race since 2013. Plans to revive the event had been linked to the Adani Group’s control of the asset. The circuit is best known as the venue for the annual Formula One Indian Grand Prix.

Jaiprakash Associates entered insolvency proceedings in June 2024 after defaulting on loans exceeding ₹57,000 crore. The resolution process saw competing bids from Vedanta and the Adani Group, with Vedanta offering ₹16,726 crore compared to Adani Enterprises’ ₹14,535 crore bid.

Despite the higher offer, the Committee of Creditors approved Adani’s plan, which was subsequently cleared by the National Company Law Tribunal. Sources told Reuters that Adani’s proposal has an upfront payment of about ₹6,000 crore and a faster two-year repayment schedule, compared to Vedanta’s longer payout timeline.

Agarwal contested the outcome, stating on X that the bidding process was “transparent” and that Vedanta had been “declared the highest bidder publicly.” He added, “We were informed in writing that we had won,” and said the decision was later reversed. “We will place the facts in the right way,” he wrote.