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Jaiprakash Associates Ltd.

NEW DELHI: Indian billionaire Anil Agarwal is challenging fellow tycoon Gautam Adani’s winning bid for a bankrupt real estate giant in the Supreme Court, intensifying the fight over a $4 billion pool of prized assets that includes the country’s only Formula One track. Agarwal’s Vedanta has mounted a legal challenge over a creditor committee’s decision to award the assets of Jaiprakash Associates to Adani, a portfolio that includes homes, power, cement plants and the Buddh International Circuit track near New Delhi. Vedanta has argued its $1.8 billion bid for the assets was better, but the committee, and an Indian tribunal, decided in Adani’s favour by saying its $1.5 billion bid was superior because it had higher upfront payments. Vedanta is now asking India’s top court to pause the acquisition and hear its concerns, Supreme Court listing records seen by Reuters on Tuesday showed. Vedanta and Adani did not respond to requests for comment. A win could give a major boost to Adani’s real-estate expansion, adding to its other key projects in Mumbai, which include redeveloping one of Asia’s largest slums, Dharavi.

Indian billionaire Anil Agarwals Vedanta is challenging fellow tycoon Gautam Adanis winning bid for bankrupt real estate firm Jaiprakash Associates in the Supreme Court. The $4 billion asset pool includes homes, power and cement plants, and Indias only Formula One track near New Delhi.

Vedanta has moved the Supreme Court against Adani’s Rs 14,535 crore resolution plan for Jaiprakash Associates, claiming its bid was Rs 1,000 crore higher. The case questions whether lenders chose the best value. The verdict could influence future insolvency cases and bidding processes across India.

Vedanta has challenged NCLT’s approval of Adani’s ₹14,535 crore bid to acquire Jaiprakash Associates. The case will now be heard in NCLAT. The outcome could impact one of India’s major insolvency resolutions involving large assets across real estate, cement, and infrastructure sectors.