India court turns down request to pause Adani’s real estate, F1 track deal

NEW DELHI: India’s top court on Monday rejected billionaire Anil Agarwal-led Vedanta’s plea to pause the acquisition by Adani group of a bankrupt real estate giant, which includes a USD4 billion pool of prized assets including India’s only Formula One track.

Agarwal’s Vedanta is fighting in courts against the decision of a lenders’ panel to give the assets of bankrupt Jaiprakash Associates to fellow tycoon Gautam Adani’s group, setting up a battle between billionaires for assets including homes, power, cement plants and the Buddh International Circuit track near New Delhi.

Vedanta’s challenge in the Supreme Court was declined as the judges said a lower tribunal was fit to hear the concerns of the group, and the top court does not need to interfere in the proceedings.