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Trump said the U.S. blockade will stop Iran from policing the strait and benefiting economically while the rest of the world suffers from its closure. View More

In this article@CL.1Follow your favorite stocksCREATE FREE ACCOUNT U.S. President Donald Trump speaks to reporters before boarding Air Force One on April 10, 2026 at Joint Base Andrews, Maryland. Win McNamee | Getty Images President Donald Trump on Sunday said the U.S. will blockade the Strait of Hormuz after talks held in Pakistan to end the Iran war hit the skids."Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz," Trump said in a post to his social media platform Truth Social. "The Blockade will begin shortly. Other Countries will be involved with this Blockade. Iran will not be allowed to profit off this Illegal Act of EXTORTION."The U.S. Central Command said in a post on X late Sunday that the U.S. military would begin implementing the blockade on Monday at 10 a.m. ET. CENTCOM said additional information would be provided to commercial vessels prior to the start of the blockade.The blockade of vessels transiting the strait appeared to be somewhat more limited than the broad enforcement action Trump initially announced. CENTCOM said the U.S. will not impede vessels transiting the strait to and from non-Iranian ports. The blockade will only be enforced against vessels entering or departing Iranian ports or coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman.The announcement of a U.S. blockade has dimmed hopes that the war would end in the coming days following peace talks in Islamabad. It also threatens to exacerbate the economic crisis that has gripped global economies since the war broke out and Iran began restricting access to the strait, a chokepoint which carries about a fifth of the world's oil. Trump said the U.S. blockade is an effort to stop Iran from policing the strait and benefiting economically while the rest of the world suffers from its closure. "At some point, we will reach an 'ALL BEING ALLOWED TO GO IN, ALL BEING ALLOWED TO GO OUT' basis, but Iran has not allowed that to happen by merely saying, 'There may be a mine out there somewhere,' that nobody knows about but them," he said. "THIS IS WORLD EXTORTION, and Leaders of Countries, especially the United States of America, will never be extorted."Trump, speaking on Fox News' "Sunday Morning Futures," said the effort will be a "complete blockade" and "all or none," meaning no ship will be allowed to pass until Iran relents. Trump also announced in the post that the U.S. Navy will "seek and interdict every vessel in International Waters that has paid a toll to Iran."Iran was preparing to toll vessels seeking passage through the strait, a move that invoked Trump's ire as Tehran tries to cement its grip on the passage amid a two-week ceasefire in the conflict. "No one who pays an illegal toll will have safe passage on the high seas," the president said. Trump and his advisers are also reportedly considering the resumption of limited military strikes in Iran, to put additional pressure on the regime to break the peace talk stalemate, The Wall Street Journal reported, citing officials and people familiar with the situation.In an interview on Fox News, Trump appeared to once again threaten strikes on Iran's critical infrastructure."I would hate to do it, but it's their water, their desalinization plans, their electric-generating plants, which are very easy to hit," Trump said.Peace talks hosted by Pakistan broke down over what the U.S. described as Iran's unwillingness to give up its efforts to obtain a nuclear weapon. Tehran's demands include control of the Strait of Hormuz, payment of war reparations and a ceasefire across the region, including in Lebanon, according to Iranian state TV and officials. It is also seeking the release of its frozen assets abroad.The U.S. delegation, led by Vice President JD Vance, met with Iranian and Pakistani negotiators for more than 21 hours during the rare face-to-face summit.The war, and nearly complete closure of the strait, have put immense pressure on oil prices and the global economy. Markets have whipsawed throughout the campaign, and oil has at times rocketed to more than $100 per barrel. Read more CNBC politics coverageTrump: U.S. will blockade Strait of Hormuz after Iran talks failVance heads back to the U.S. after Iran peace talks break downAllies pull support for Swalwell after sex assault allegationsJudge told to reconsider halt on Trump's White House ballroomRep. Eric Swalwell denies sexual assault allegationsTrump's 250-foot 'triumphal arch' would loom over PotomacEpstein victims will get House committee hearing, Comer saysWhite House warned staff against Iran war bets on prediction markets Trump on Fox said the U.S. needs to weather the storm to prevent Iran from obtaining a nuclear weapon, arguing that energy prices will fall when the war is over. "It might not happen initially, but it's going to go down," he said. The president also said that any country — potentially including China — that assists Iran will be slapped with a 50% tariff levied by the U.S. "If we catch them doing that, they get a 50% tariff, which is a staggering, that's a staggering amount," Trump said.Trump is set to meet with Chinese President Xi Jinping next month. Iran responds Iran said it will view the entry of military vessels near the strait as a breach of the two-week ceasefire and will respond accordingly, according to a Reuters report citing Iranian state media. A statement issued by the Iranian Revolutionary Guard Corps said the strait is "open for ​the safe passage ​of ⁠non-military vessels in accordance with specific ⁠regulations," Reuters reported. U.S. military vessels entered the strait on Saturday to clear mines, according to The New York Times. Mohammad-Bagher Ghalibaf, speaker of Iran's parliament and chief negotiator at the weekend peace talks, posted a picture on X of gas prices near Washington, D.C., with the caption: "Enjoy the current pump figures. With the so-called 'blockade', Soon you'll be nostalgic for $4–$5 gas." Help on the way? Trump said that allies will assist in the blockade of the strait, but which American allies he was referring to remains unclear. The president said on Fox that the United Kingdom and "a couple of other countries" are sending mine sweepers to help free the strait for safe passage. Trump also criticized the North Atlantic Treaty Organization for not offering assistance in policing the strait, which he has repeatedly done throughout the war. "We're very disappointed with NATO, we're very, very disappointed they didn't come," Trump said. "Now they want to come and they want to help with the strait," he added, without providing any evidence.The BBC later reported that the U.K. would not be assisting with the blockade. "We continue to support freedom of navigation and the opening of the Strait of Hormuz, which is urgently needed to support the global economy and the cost of living back home," a spokesperson for the U.K. government told the BBC. Trump also suggested that he expects U.S. allies in the Gulf to assist. "They've already started," he said, without providing details. "They're much closer, so maybe they have to do it ... but [Iran] made a big mistake when they started lobbing missiles at them." U.S. threatens to prosecute Iranian oil buyers The U.S. Justice Department threatened to prosecute anyone who purchases sanctioned Iranian oil, according to a social media post from Acting Attorney General Todd Blanche. "The Department of Justice will vigorously prosecute anyone who buys or sells sanctioned Iranian oil," Blanche said in the post. The Trump administration has recently waived sanctions on oil stranded at sea belonging to adversaries, including Iran and Russia. The sanctions relief was an apparent effort to lower oil prices, but was met with fierce resistance from Democratic lawmakers who said the president was giving a windfall to the enemy.— CNBC's Terri Cullen contributed to this report Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Two American warships transited through the Strait of Hormuz for the first time since the start of the conflict. View More

ISLAMABAD, PAKISTAN - APRIL 11: U.S. Vice President JD Vance (C) walks with Pakistan's Chief of Defence Forces and Chief of Army Staff Field Marshall Asim Munir (L), and Pakistani Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar after arriving for talks with Iranian officials on April 11, 2026 at Islamabad, Pakistan. (Photo by Jacquelyn Martin - Pool/Getty Images)Pool | Getty Images News | Getty Images The first round of peace talks between the United States and Iran on Saturday went on well into the evening and face-to-face meetings concluded without the announcement of a resolution.In a post on X, Iran's government said that after 14 hours, the talks had ended for now."Negotiations will continue despite some remaining differences," the post said. An Iranian state TV reporter said the talks would continue on Sunday.The high-stakes negotiations, which involved three rounds of discussions, had been expected to last for just one day. Text discussions continued on after the in-person meetings ended and further talks were planned during the night, Iranian state TV reported, citing a source."15 hours and counting!" a senior White House official told a pool of reporters. There has been no official word on the status of the negotiations from either side.The peace summit took place as two American warships transited through the Strait of Hormuz for the first time since the start of the conflict. The U.S. Central Command said the warships were taking part in a mission to clear the waterway of sea mines put in place by Iran.The tri-lateral negotiations that began in Islamabad seek to cement a two-week ceasefire that began Tuesday but which has come under strain as Iran continues to block most shipping traffic through the Strait of Hormuz, the world's most critical chokepoint for oil and gas supplies. Tehran also reiterated a list of preconditions for the talks.The U.S. delegation, led by Vice President JD Vance, and the Iranian one, led by Parliament Speaker Mohammad Bagher Qalibaf, discussed with Pakistan how to advance the ceasefire already threatened by deep disagreements and Israel's continued attacks against the Iranian-backed Hezbollah in Lebanon, whose health ministry said the death toll has surpassed 2,000.The ​Iranian delegation arrived dressed in black in mourning for late Supreme Leader Ayatollah Ali Khamenei and others killed in the war. They carried shoes and bags of some students killed during the U.S. bombing of a school next to a military compound, the Iranian government said. The Pentagon has said the strike is under investigation."There were mood swings from the two sides and the temperature went up and down during the meeting," ‌one Pakistani source told Reuters in reference to the first round of talks.For the U.S.-Iran ‌talks, Islamabad, a city of more than 2 million people, was locked down with thousands of paramilitary personnel and army troops on the streets. Since the Islamic Revolution in Iran in 1979, the most direct U.S. contact had been in 2013 when then-President Barack Obama called newly elected President Hassan Rouhani to discuss Iran's nuclear program. The most recent highest-level meetings were between Secretary of State John Kerry and counterpart Mohammad Javad Zarif during negotiations over the program.Now talks feature Vance, a reluctant defender of the war who has little diplomatic experience and warned Iran not to "try and play us," and Qalibaf, a former commander with Iran's powerful Revolutionary Guard who has issued some of Iran's most fiery statements since fighting began. U.S. destroyers transit the Strait of Hormuz The meeting comes amid heightened tensions over conflicting reports concerning the Strait of Hormuz.U.S. Central Command said on Saturday that forces began setting conditions for clearing mines in the strait, as two U.S. Navy guided-missile destroyers conducted operations. The USS Frank E. Peterson and the USS Michael Murphy transited the strait and operated in the Arabian Gulf as part of a broader mission to clear sea mines previously laid by Iran's Islamic Revolutionary Guards Corps, Defense Secretary Pete Hegseth said in a post on X."Today, we began the process of establishing a new passage and we will share this safe pathway with the maritime industry soon to encourage the free flow of commerce," Adm. Brad Cooper, commander of CENTCOM, said in a statement."We're sweeping the strait. Whether we make a deal or not makes no difference to me," U.S. President Donald Trump told journalists as high-stakes talks continued into the night and the time approached 2 a.m. in Pakistan.Iran's state media, however, earlier said Iran forced a U.S. military ship that was attempting to cross the strait to turn around. MS Now later reported that commercial maritime traffic systems showing the USS Michael Murphy crossing the Strait of Hormuz into the Persian Gulf weren't reliable.Late Saturday, Iran's Islamic ⁠Revolutionary Guard Corps ​warned ​that ​any attempt by ⁠military ‌vessels to ⁠transit the Strait of Hormuz would ‌be met with "a ​strong response." Only non-military ⁠vessels would ‌be ‌allowed to pass ⁠under specific regulations, the ⁠IRGC ⁠said in a statement ​carried ‌by Iranian media.Separately, a senior Iranian source told Reuters the U.S. had agreed to release frozen assets held in ⁠Qatar and other foreign banks, but a U.S. official immediately denied the report. Iranian preconditions But question marks hang over the ceasefire and the talks' ultimate outcome. Iran's Tasnim news agency said Tehran has presented negotiators with four "non-negotiable conditions" to mediators in Islamabad.They include: "[F]ull sovereignty over the Strait of Hormuz, complete war reparations by the aggressor, unconditional release of blocked assets, and a durable ceasefire across the entire West-Asia Region," Tasnim said on its X account.Ghalibaf warned Friday that the scheduled negotiations to end the war with the U.S. cannot begin unless Israel halts attacks on Lebanon and unless the U.S. releases Tehran's frozen assets.Ghalibaf issued the ultimatum after the American delegation led by Vance left for Islamabad to attend the talks."Two of the measures mutually agreed upon between the parties have yet to be implemented: a ceasefire in Lebanon and the release of Iran's blocked assets prior to the commencement of negotiations," Ghalibaf said in an X post."These two matters must be fulfilled before negotiations begin," he wrote. Tankers exit the Gulf via the strait Three supertankers passed through the Strait of Hormuz on Saturday, shipping data showed, marking what appeared to be the ​first vessels ​to exit the ​Gulf since the U.S.-Iran ceasefire deal.Tehran's blockade of ⁠the ‌strait, a chokepoint for about ⁠20% of global oil and liquefied natural gas shipments, since the start of the Iran war at the end of ‌February, has disrupted global energy supplies and sent oil prices soaring.The Liberia-flagged Very ​Large Crude Carrier (VLCC) Serifos and China-flagged VLCCs Cospearl Lake and He Rong Hai, entered and exited the "Hormuz Passage trial anchorage" that ⁠bypasses Iran's Larak Island on Saturday, LSEG data showed. watch nowVIDEO6:1706:17Captain on what Hormuz Strait blockage means for shippers stranded in the gulfSquawk Box Asia Each vessel ‌is capable of carrying 2 ‌million barrels of oil.Serifos, carrying crude loaded from Saudi Arabia and the United Arab Emirates in early ⁠March, is expected to arrive at Malaysia's Malacca ⁠port on April 21, data from ⁠LSEG and analytics firm Kpler showed.Cospearl Lake is laden with Iraqi oil and He ​Rong Hai is carrying ‌Saudi crude, the same data showed.Both VLCCs are chartered by Unipec, the trading arm of Chinese energy giant Sinopec, according to the data. Trump's frustration with Iran Trump has expressed frustration with Iran continuing to block most shipping traffic through the Strait of Hormuz.In an announcement Tuesday evening, Trump said that the U.S. would agree to a two-week suspension of hostilities subject to Iran agreeing to a complete and immediate reopening of the Strait of Hormuz.But since then, vessel traffic through the strait remains nearly as tightly throttled as it has been since the war began on Feb. 28.In a Truth Social post on Thursday evening, Trump fumed, "There are reports that Iran is charging fees to tankers going through the Hormuz Strait — They better not be and, if they are, they better stop now!"Iran "is doing a very poor job, dishonorable some would say, of allowing Oil to go through the Strait of Hormuz," the president wrote in a follow-up post. "That is not the agreement we have!" Israel and Lebanon will have direct negotiations Negotiations between Israel and Lebanon are expected to begin Tuesday in Washington, Lebanese President Joseph Aoun's office said Friday, after Israel's surprise announcement authorizing talks despite the countries' lack of official relations.But thousands in Lebanon protested the planned negotiations, and Prime Minister Nawaf Salam said he had postponed a planned trip to Washington "in light of the current internal circumstances." It was not immediately clear what that meant for the talks. Read more CNBC politics coverageRep. Eric Swalwell denies sexual assault allegationsTrump's 250-foot 'triumphal arch' would loom over PotomacEpstein victims will get House committee hearing, Comer saysWhite House warned staff against Iran war bets on prediction marketsIran speaker: Peace talks can't start without Lebanon ceasefire, asset releaseXi invokes 'threat' of Taiwan independence in first cross-strait talks in a decadeKevin Warsh Fed chair confirmation plan hits snag as nomination hearing is delayed Israel wants the Lebanese government to assume responsibility for disarming Hezbollah, much like was envisaged in a November 2024 ceasefire. But it is unclear whether Lebanon's army can confiscate weapons from the militant group, which has survived efforts to curb its strength for decades.Israel's insistence that the ceasefire in Iran does not include a pause in its fighting with Hezbollah has threatened to sink the deal. The militant group joined the war in support of Iran in the opening days. Israel followed up with airstrikes and a ground invasion.The day the Iran ceasefire deal was announced, Israel pounded Beirut with airstrikes, killing more than 300 people in the deadliest day in Lebanon since the war began, according to the country's Health Ministry. Qatar to fully resume maritime navigation activities Qatar's Ministry of Transport announced the full resumption of maritime navigation activities effective Sunday from 6 a.m. to 6 p.m. local time, extending the decision to "all categories of marine vessels and transport modes."The ministry urged operators in a statement to comply with safety protocols.It was not immediately clear whether the decision meant that Qatari vessels would be allowed to transit the Strait of Hormuz, which remained effectively closed. Pope Leo blasts 'delusion of omnipotence' fueling war In his strongest words yet, Pope Leo XIV denounced the "delusion of omnipotence" that is fueling the U.S.-Israel war in Iran and demanded that political leaders stop and negotiate peace.Leo presided over an evening prayer service in St. Peter's Basilica on the same day the United States and Iran began face-to-face negotiations in Pakistan and as a fragile ceasefire held.History's first U.S.-born pope didn't mention the U.S. or Trump in his prayer, which was planned before the talks were announced. But Leo's tone and message appeared directed at Trump and U.S. officials, who have boasted of U.S. military superiority and justified the war in religious terms."Enough of the idolatry of self and money!" Leo said. "Enough of the display of power! Enough of war!"In the basilica pews was the archbishop of Tehran, Belgian Cardinal Dominique Joseph Mathieu. The U.S. was represented in the diplomatic corps by its deputy chief of mission, Laura Hochla, the U.S. Embassy said.— Reuters and the Associated Press contributed to this report Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The brokerage further said that Despite a resilient demand outlook, the sector is expected to face headwinds in the coming quarters, with energy and packaging costs projected to rise View More

Coal prices have risen internationally and percolated to the free market rates for coal clocking a premium of 10-15% over the usual rates during this time of the season, coal traders said. A news report from S&P Global Energy on March 23 said that the Platts CFR India 4,200 kcal/kg GAR rose from $67/mt on Feb 27 to $77.40/mt on March 20, supported by stronger buying interest in parts of Asia and firmer energy market sentiment. View More

NEW DELHI: India's vast informal industrial sector using coal is cautiously building buffers, with brick kilns, small foundries and other smaller energy-intensive units gradually stockpiling the fuel in anticipation of a price increase triggered by global price pressure amid the West Asia crisis . Industry participants said the trend picked up over the last one week as these units, typically operating outside long-term fuel linkages, now anticipate higher spot prices led by international coal prices . The stocking is, however, gradual and limited because of constraint in storing capacities. Coal prices have risen internationally and percolated to the free market rates for coal clocking a premium of 10-15% over the usual rates during this time of the season, coal traders said. Also Read: Major Coal India arms report drop in production in FY26 A news report from S&P Global Energy on March 23 said that the Platts CFR India 4,200 kcal/kg GAR rose from $67/mt on Feb 27 to $77.40/mt on March 20, supported by stronger buying interest in parts of Asia and firmer energy market sentiment. Live Events Rahul Rungta, director of Kolkata-based trading firm BK Coal, said "Clients are stockpiling their requirement because imported coal prices are increasing and there is an anticipation of supply disruption in imported coal. Though rates are not very high as of now, there is an expectation in the market." However, domestic production and availability remain robust with Coal India 's notified price remaining unchanged. The Centre has already written to states to ensure that coal prices are not increased and there is ample availability to meet any increasing demand. Coal stock in the country is currently at 224 million tonnes compared with 201 million tonnes last year. Also Read: Incentives may be given for coal gasification: Minister for coal and mines G Kishan Reddy In the March e-auctions of Coal India the average price realized exceeded its notified price by 45%, against 35% in February, due to seasonal demand as well as reflecting some of that higher demand in the market, industry participants said. This is a seasonal buying period for brick kiln operators in states such as Uttar Pradesh, Bihar and Punjab which ends around May-June. "We are now keeping more stock than usual as we understand that prices may rise further. But kilns have limited fuel storage capacity," said Satyam Kesarwani, owner of Prayagraj-based Ghoorpur Bricks. "We will have to take the higher priced coal eventually, if rates continue to rise." .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

While companies managed costs in the March quarter, increasing energy prices and supply constraints are expected to hurt profitability View More

Vedanta Ltd has approached the Supreme Court challenging the rejection of its bid for Jaiprakash Associates Ltd. The mining giant claims its revised offer was financially superior to the Adani Group's accepted bid. Vedanta alleges lenders acted arbitrarily and questions the resolution professional's role. The National Company Law Tribunal had previously approved Adani's plan, a decision Vedanta is contesting. View More

Mining billionaire Anil Agarwal's Vedanta Ltd has told the Supreme Court that its tweaked bid for the bankrupt Jaiprakash Associates Ltd was rejected despite being better than Adani Group's offer. In its petition challenging the lenders' decision to accept Adani's takeover offer, Vedanta contended that its addendum bid is about Rs 3,400 crore higher in gross value terms and roughly Rs 500 crore more in net present value compared to the Adani Group's offer. In the bid challenge process and final resolution plan submitted on October 14, 2025, Vedanta offered Rs 3,770 in upfront payment and Rs 3,100 crore at the end of the 365th day from the effective date to secured financial creditors. It also offered an equity infusion of Rs 400 crore into Jaypee. Thereafter, on November 8, 2025, Vedanta submitted an addendum via email, offering to raise the upfront cash payout to Rs 6,563 crore and equity infusion to Rs 800 crore while keeping the overall bid value at Rs 12,505.85 crore. The committee of creditors (CoC) accepted Adani's bid because it offered around Rs 6,000 crore upfront cash payment and faster payments for the remaining amount within two years, compared to Vedanta's longer payment timeline of up to five years. Live Events According to sources, Vedanta, in its petition before the Supreme Court, has alleged that lenders acted "arbitrarily" while rejecting its bid to acquire Jaiprakash Associates Ltd (JAL) and also questioned the role of the resolution professional in the ongoing insolvency process. Vedanta Ltd has also mentioned that the National Company Law Tribunal (NCLT) erred in appreciating that the commercial wisdom of lenders is not 'absolute' and therefore, the same can be set aside in cases of 'arbitrariness, perverseness or capricious exercise' of power. In November last year, the CoC of JAL, which went into insolvency in June 2024, approved the Rs 14,535 crore resolution plan of Adani Enterprises Ltd to acquire the debt-ridden Jaypee Group's flagship firm that has a presence in many sectors, including cement, hospitality, power and real estate, among others. The grand total of Vedanta's bid was Rs 17,926.21 crore, which included a Rs 1,200 crore payment towards settlement for sports city dues. Earlier this month, the NCLT approved the Adani bid. Vedanta moved the appellate tribunal NCLAT, which declined to stay the implementation of Adani's bid. This forced Vedanta to approach the apex court the next day. In the petition, Vedanta Ltd has requested the apex court to pass an ex parte ad interim order staying the operation, implementation and effect of the order passed by the National Company Law Appellate Tribunal (NCLAT). In its petition, Vedanta Group has said Adani's financial bid is substantially lower in value compared to its bid, which defeats the primary objective of value maximisation under the Insolvency & Bankruptcy Code. Vedanta group contended that the Allahabad bench of NCLT "erred in characterising the net present value differential" of Rs 500 crore as a "slightly higher amount" and the gross value differential of Rs 3,400 crore as capable of being overridden by subjective qualitative parameters. It further said the Evaluation Matrix, RFRP and Process Note relied on by the NCLT are instruments designed to achieve value maximisation and must be read harmoniously with the objectives of the Code. The NCLT has erred in not appreciating that the lack of transparency in the challenge process, particularly the failure to disclose the two identified criteria as per the Process Note, which vitiated the entire process, the mining conglomerate said. Moreover, the NCLT's finding that there is no legislative intent for recording reasons by the CoC while approving or rejecting a resolution plan is erroneous and contrary to the settled law, the petitioner said. It further said CoC's decision-making process lacked the requisite deliberation and reasoning in as much as the lenders abdicated their entire decision-making responsibility to an external consultant. The Vedanta group had also said that the appellate tribunal NCLAT has failed to appreciate that permitting the implementation of the resolution plan would result in 'irreversible' consequences. This includes the acquisition of shares of JAL by Adani Enterprises, transfer of management of the company, handover of key assets, and operational takeover, which will make its appeal 'infructuous'. Moreover, the NCLAT has also failed to appreciate that the implementation of Adani's resolution plan during the pendency of its appeal would lead to "creation of third-party rights", including disbursement of upfront payments to creditors, which cannot be unwound. Besides, the NCLAT failed to appreciate that once the approved resolution plan is implemented, execution of next steps, such as acquisition of shares of JAL by Adani, payment to creditors, grant of statutory approvals, and assumption of control over the Corporate Debtor's business and assets, would create a fait accompli, effectively reducing its appeal to a mere academic exercise. Moreover, the NCLAT failed to consider that the approved resolution plan of Adani Enterprises has provisions for time-bound implementation, and there is a real, well-founded apprehension that the successful bidder shall take "irreversible steps" towards the implementation that would render Vedanta's appeal practically infructuous. Vedanta also said that the Resolution Professional of JAL 'exceeded his neutral role' by offering an opinion on the addendum and characterising it as violative of the Process Note, without providing the CoC with a proper opportunity for independent evaluation. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! 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India’s cement leaders are set to hike prices in April to offset a massive spike in fuel and packaging costs driven by the war in West Asia. While the increases aim to protect margins, they threaten to raise construction costs. View More

UltraTech Cement has settled its arbitration with Jaiprakash Associates Ltd concerning the Dalla Super unit and associated mines. The company will redeem preference shares valued at Rs 1,000 crore. This resolution concludes a long-standing dispute. The settlement also aids in monetizing Jaiprakash Associates' assets during its insolvency process. Adani Group is the successful bidder in that process. View More

Leading cement maker UltraTech Cement on Thursday said it has settled with Jaiprakash Associates Ltd (JAL) in the ongoing arbitration over the Dalla Super unit and associated mines. In a regulatory filing, UltraTech Cements said it will redeem 1,00,000 Series A Preference Shares of face value Rs 1,00,000 each totalling Rs 1,000 crore. This settlement will also help in monetisation of the assets of JAL in its ongoing Corporate Insolvency Resolution Process (CIRP), in which rival Adani Group has emerged as the successful resolution applicant (bidder). With this, a long-standing dispute between UltraTech and debt-ridden JAL, which is currently going through insolvency resolution, has come to an end. "Subsequent to the Parties reaching a settlement in respect of the arbitration and the Arbitral Tribunal passing a final award today viz. 26th March, 2026, all rights and interests in the Dalla Super unit and mines have fully vested in the company, and all claims/proceeds and liabilities relating to the Series A RPS stand fully discharged," the UltraTech filing noted. Live Events Dalla Super unit and associated mines were acquired by UltraTech in 2017, pursuant to a scheme of arrangement sanctioned by the National Company Law Tribunal (NCLT) bench at Mumbai on 15.02.2017 and NCLT bench at Allahabad on 02.03.2017. The scheme was made effective from 29.06.2017 by the resolutions passed at the meeting of the Board of Directors of UltraTech and JAL held on 29.06.2017, respectively. UltraTech had issued "escrow 1,00,000 Series A Redeemable Preference Shares of face value Rs 1,00,000 each in June 2017, which were to be released upon satisfaction of conditions relating to the Dalla Super unit and mines situated in Uttar Pradesh . However, due to certain disputes between the Parties, the matter was referred to arbitration. JAL had acquired the Dalla assets along with its captive mines in 2007, through the sale of assets of Uttar Pradesh State Cement Corporation Limited (UPSCCL), which was being liquidated by the High Court of Allahabad. JAL, with a bid of Rs 459 crore, was declared the highest bidder for bids invited for the sale of assets of the cement plants of UPSCCL located at Dalla, Churk & Gurma in District Sonebhadra and Chunar in District Mirzapur through a global tender. It has six mines, namely Kajrahat, Ningha, Gurma, Julgul, Bhalua, and Bari. JAL had increased the clinker capacity of the acquired plant from 0.50 to 2.0 MTPA by installing a new clinkrisation unit. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

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UltraTech Cement has finally settled a lengthy arbitration dispute with Jaiprakash Associates, paving the way for a fresh financial landscape. Under the newly minted agreement, ?1,000 crore worth of preference shares tied to the Dalla Super cement project will be redeemed. This resolution is strategically aligned with the Adani Group’s recent acquisition, potentially easing their initial cash burden. View More

UltraTech Cement has settled a long-running arbitration with Jaiprakash Associates (JAL), agreeing to redeem ₹1,000 crore of preference shares tied to the Dalla Super cement asset , people familiar with the matter told ET. The resolution helps in monetising Jaypee assets after a bankruptcy court recently allowed Adani Group to take over JAL. Adani Group has offered to pay ₹14,535 crore to buy the bankrupt JAL in the insolvency process , even as the group is yet to fully complete payments to creditors. The settlement with the Aditya Birla Group cement flagship UltraTech for plant located in north-central India is expected to reduce Adani's upfront cash outgo under the resolution plan, with proceeds flowing directly to lenders. The dispute had arisen after UltraTech deferred redemption of preference shares issued in 2017, citing pending regulatory approvals linked to the asset. JAL had contested the delay, triggering arbitration. The matter has now been resolved out of court, with both sides agreeing to close the issue. Spokesperson of UltraTech did not respond to a request for comment immediately. This payout of ₹1,000 crore will be routed via an escrow mechanism, ensuring that funds are ring-fenced for lenders. "Any monetisation will flow directly to creditors, with regulatory oversight in place," one source said. Live Events Last week, the National Company Law Tribunal (NCLT) had approved the acquisition of Jaiprakash Associates by Adani Enterprises. The approval has allowed Adani Enterprises to take control of the debt-laden infrastructure and cement company. Under the arrangement, even if documentation is executed before full completion of Adani's payment obligations, which has 90 days to pay lenders post the plan approval by NCLT, proceeds from such asset-level settlements or sales will be earmarked for lenders, aligning with insolvency norms. The country’s most definitive MSME stage returns on March 24 in New Delhi. Register now for the ET MSME Awards 2025 .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)